The Pub With Two Names is on the market, with a multi-million dollar price tag on the property filled with murals by one of Australia's most well-known artists.
The infamous pub on the corner of Mair and Doveton streets was restored by artist couple David and Yuge Bromley and reopened in April last year.
The restaurant, and the gallery, will remain open.
The tenancies for The Pub With Two Names restaurant and the Bromley and Co Gallery will continue, with a maximum of 20 years lease and contracts reviewed every five years.
Previously the Peter Lalor Hotel and the Royal Highlander Hotel, the pub now has an asking price of around $3 million, after being purchased for $1.5 million in 2016, according to realestate.com.au.
But real estate agent Kim McQueen, from McQueen Real Estate, is touting the potentially of the upstairs space for a purchaser. Originally designed for use as a boutique hotel, the four segmented apartments were the private residence of the Bromleys when staying in Ballarat.
"David and Yuge have done an incredible renovation," she said.
The Bromleys said that when they took the building on, it was "drowning in everything from rooms of mattresses, broken windows, flapping blinds".
"Much of the rest of our working on it stages were extremely challenging, completely re-doing the electrical and plumbing, which was in such a mess..." Yuge and David said.
"(We) feel that it now shines with wonderful character, both a new life, yet honouring its history and old school demeanour.
"We have some other projects consuming us some hours away that will take up much of the years to come so after much thought have decided to pass the baton on to the next owner to bring even further energy into this very special piece of real estate."
It's full from floor to ceiling of incredible art, installations, murals and light fittings, which come with the property. It's absolutely phenomenal.Real estate agent Kim McQueen on The Pub With Two Names
Ms McQueen said the proximity to GovHub and the upstairs area's uniqueness and flexibility of use meant the asking price wasn't "outrageous".
The GovHub next to Civic Hall will be completed by the end of 2020, and will be home to up to 1000 government employees, with 600 of those positions relocated from Melbourne.
"It could be a boutique hotel or a private residence," Ms McQueen said. "But would also make an incredible office space, subject to council approval. Whether that be an architect's office or space for creative types, there's nothing else like it."
"Given the unique offering, and the fact it's a one off, above $3 million is achievable. That part of Ballarat is really coming on, I would call it a hot spot right now.
"Not only is Govhub going to bring new people into Ballarat, and there's economic advantages to that, but there's run offs for the whole community. It brings a lot more different businesses to cater for new workers, and will created incredible spaces for everybody."
The current total gross rental income from the property's two tenancies is $150,000. Expressions of interest for the building close on October 18.