The toy library is relocating from its current facility on Humffray Street South to a space at Barkly Square, a move that will secure the long term future of the much-loved community service.

Ballarat Toy Library president Sally Tuck said the new home secured at BGT's Barkly Street facility would provide stability, with an arrangement for a 15 year lease renewed every five years.

"We have thousands of toys and are numbering every single toy part at the moment and recording it in the system," she said.

"You don't move all that with a whole lot of little tackers on board unless there is some security. We have been preparing for this for more than six months."

The Ballarat Toy Library formally began looking for a new home in November 2017 after volunteers were told City of Ballarat would be selling the current building.

The Toy Library has been leasing the space at 507 Humffray Street for no charge from council for about six years, helping to keep the cost of membership accessible for all.

The lease at BGT's Barkly Square will be provided at a discounted cost.

Ms Tuck said the toy library, which is volunteer-run, was looking for more volunteers to help with the move and fill additional roles at the new site.

READ MORE: Ballarat City helping volunteer-run toy library find a new home

Many are already working to ensure all new donations of toys have been assessed, labelled and registered in the system before the move, while others are creating space themed decorations and games for the launch of the new space with the theme 'we love our library to the moon and back'.

The Ballarat Toy Library is one of more than 280 around Australia a part of the Toy Libraries Australia network. It has been established in Ballarat for more than 40 years and has around 120 members.

Families join the toy library to save money and space, meet other families and to reduce landfill by sharing toys rather than buying them. The Ballarat Toy Library will launch at its new facility at Barkly Square on August 20.

The new BGT Jobs and Training building at Barkly Square is quickly becoming a community hub and a place for not-for-profit and volunteer run groups to secure a permanent home.

BGT Jobs and Training chief executive Graham McMahon said many groups had already moved in to the space while talks were continuing with others looking for a home.

"Barkly Square quickly gained its own momentum in the direction of a community hub and we have followed that, pursuing not-for-profit organisations. Some of them are true volunteer-run organisations as well," he said.

Barkly Square hosts the regional headquarters for the YMCA, the Ballarat Wholefoods Collective, Ballarat Regional Multicultural Council, a Men's Shed, VOICE FM, Very Special Kids, Ballarat Permaculture Guild and Cops n Kids.

Rent is offered at a discounted cost.