The property, at 136 Howe Street in the centre of Miners Rest, was just weeks ago listed on the open market for an estimated asking price of more than $3 million.

But the council has moved quickly to declare its intentions to buy the land and ensure it can tie into the longer-term objectives of the Miners Rest Township Plan where it is earmarked for a sporting and recreational development.

The price council pays for the property will be determined by the Valuer General under the compulsory acquisitions act.

The property, a deceased estate and listed as 43-acres in size, sits alongside the Burrumbeet Creek which branches into two separate creeks at the border of the property.

The position means that it is an area that has been identified for future flood mitigation works.

Just a week ago, the property was listed for sale by PRD Nationwide. It is understood that on the open market, a developer could have been prepared to pay over $3 million.

Committee for Miners Rest president Alicia Bond said the purchase of the land was the first step in giving the community its identity.

"It's land that's been identified in the township plan already, we're quite excited that it's in the centre of town," she said.

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"The Miners Rest community is lacking the things that make us a community. We have a wonderful school, but it's a little bit hard if you don't have connections to the school, where do you fit in?

"The last development plan was 1994 when maybe there were 20-30 kids at the school. Now there's 450 at the school. The need and demand is 15 years behind."

A City of Ballarat spokesperson said the Miners Rest Township Plan, which was adopted on December 11, 2019, will help the community and the City of Ballarat manage change into the future.

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"The Plan identified a number of key challenges and opportunities including, amongst others, flood management and the need for local sporting facilities in the longer term," a spokesperson said..

"The 2019/2020 budget approved by Council on 26 June 2019 allocated an amount of $1 million for land acquisition in Miners Rest. This amount has been carried over to the 2020/2021 Budget.

"Compensation at this stage has not been finalised."

The upper reaches of Burrumbeet Creek which cross the Maryborough Road at the point of the land have also proved problematic for the growing township with serious inundation in the floods of 2011 and 2016.

North ward councillor Grant Tillett said it was a project council had earmarked for sometime.

"I've been more than anxious, desperate, for a site to be secured in Miners Rest going forward," he said.

"It's right in the middle of the two sections of Miners Rest which will draw the township together.

"At this stage, there's no funding for the development of the sporting facility but I would imagine that would start soon.

"The land is there, the rest will follow. The town has been begging for a site for a long time, we need a football oval and I think the early sketch plans of this is three ovals, two hockey pitches, and others as well. It's a major deal."

PRD Nationwide's Chris Leonard said agents received a notice last Thursday to stop advertising the property as council would be acquiring it.

It had been advertised as a property with "potential for future earnings, with the option to land bank for future rezoning prospects and potential residential development".

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