THE current Gillies Street saleyards could be worth as much as $10 million.
However, Colliers International Ballarat and Geelong managing director David Wright said this figure did not factor in any current or future land issues, such as environmental contamination.
"The total area, including the former Gillies Street roadway, is approximately 13 hectares," Mr Wright said.
"The whole Industrial 1 zoned land could be worth as much as $10 million, but this does not take into account any issues that may affect the land, now or in the future."
However, because the site is Crown land, any potential purchase price will be set by the Director-General of Lands.
Any sale would also involve a five-stage process by the state government's Crown Land Services, including a preliminary review, a detailed investigation, a technical assessment, the setting of a purchase price and contract preparation.
Anyone wishing to buy the land would also need to pay for all costs involved in the application.
Ballarat City Council's chief executive officer Anthony Schinck said the
future was put in the council plan 2013-17, set by the current council earlier this year.
The plan states the council will "support the appointed operator of the Livestock Selling Centre to deliver the centre redevelopment project".
Current saleyard operators Regional Infrastructure's planning application for new $21 million
saleyards is expected to be lodged with the council by the end of the year.
The proposed site is at the corner of the Western and Sunraysia highways at Miners Rest, with residents divided over its location.
While a "No Miners Rest Saleyards
" Facebook page opposes the project, other residents have welcomed the proposal, saying they believed Regional Infrastructure would have "state-of-the-art checks and balances".
Regional Infrastructure has taken three years and assessed 20 sites, including Windermere and Burrumbeet, before deciding on the Miners Rest location.