The four-storey Eureka House along with its smaller two-storey neighbour Chatham House will go to auction on December 1.
While a small handful of tenants occupy parts of the two prominent buildings, both are largely empty.
The view from atop of the fourth floor of Eureka House is among the highest vantage points within the CBD, providing a clear view in both directions of Lydiard Street.
Ray White Ballarat real estate agent Tracey Holmes said the buildings, which may be sold together or separately, presented a unique opportunity for buyers wishing to invest in the centre of Ballarat.
“There’s a great opportunity given the location right next door to Her Majesty’s Theatre for professional uses or perhaps even for someone to capitalise on the building and do a make-over and perhaps look at short-stay accommodation and apartments,” Ms Holmes said.
“Both properties could be leased out in the short term but there’s just great scope for improvement because they’re two iconic locations and side-by-side make a really good sized footprint.
“Eureka House’s roof lends itself beautifully to a night bar or a restaurant overlooking the city.”
While the buildings fall under the Lydiard Street Heritage Precinct, neither have specific heritage protection. Both could potentially be knocked down if given approval from the Ballarat City Council.
Any efforts to demolish the buildings would however require a comprehensive plan be presented to council.
Ballarat City mayor Samantha McIntosh said while neither building had heritage significance, their sale presented a great opportunity for the properties to contribute to the street.
“Clearly they are quite different to the other buildings along Lydiard Street and it would be wonderful to see them restored like what has occurred across the road from Ballarat Health Services,” Cr McIntosh said.
Both buildings fall under commercial one zoning, meaning they could be used for retail, office, business or entertainment subject to council approvals.
Ballarat historian Anne Beggs-Sunter said the 1960s constructions, which were built prior to Ballarat’s first heritage study in 1978, offered little to the otherwise picturesque landscape.
“They’re completely out of character with the grand 19th century streetscape which is what Lydiard Street is renowned for,” Ms Beggs-Sunter said. “I certainly don’t think they have any heritage value and I don’t think they add any character.”