Police are investigating a fire on Gaunt Street at Invermay about 2.40am this morning.

Two large sheds, and a number of vehicles and machinery items which were inside the sheds, were destroyed.

Minor damage was also caused to several neighbouring residences.

At this stage it is believed the fire was deliberately lit.

Anyone with information in relation to the fire, or suspicious activity in the area around the time is asked to contact Launceston CIB on 131 444 and quote OR796615.

Information can also be provided anonymously through Crime Stoppers Tasmania at crimestopperstas.com.au or on 1800 333 000.