Located in the former Great Southern Woodshed site on the Western Hwy, the outlet will provide a collective portal for traders in antiques, collectibles and vintage clothing.

Managing director Ian Bellis said it had been a lengthy process, but the planning permit had finally been approved.

"People really want to see how the old Woolshed has changed.

"All our stall holders will be there and they're keen to talk to people and show them around."

There are currently successful outlets already operating in Daylesford and Geelong.

Mr Bellis said the outlet would be a key tourist point for Ballarat, with an informal information centre set up to help direct tourists to Ballarat's other attractions.

"It will be a great first point of call and will hopefully stop the people bypassing Ballarat and feed them out to all the other attractions in town." he said.

The opening celebrations will include complimentary food and refreshments.

* The Mill Markets will be open seven days, 10am to 6pm.