An application is now being advertised on the City of Ballarat planning website, which includes details of the proposed new venue just off Old Melbourne Road. It is a short distance from the current site by the side of the Western Freeway.

Owner Mark Ward said the new development was "very innovative" and would cost up to $5.5million to complete.

"From a commercial point of view, there has really been nothing designed like this. The way we are designing it is going to be a step into the future with our markets," he told The Courier.

"We are creating all sorts of weird and wonderful things within the development."

The building designs were made by local company Project Now.

There would be two interconnected buildings a maximum of two storeys high. The ground level area would include a reception, and capacity for 74 retail market display areas.

Mr Ward said he planned for the premises to be licensed with a cheese and wine bar as well as a restaurant, and that there would be new clothing stalls as well as the traditional vintage clothing currently on offer.

He also said he planned to include items from personal collection in an on-site museum, including some of his vintage cars.

"It's going to be a complex unlike any other in Australia. It will become one of our flagship Mill Markets.

"It's exciting times. It's going to be one of the major tourist attractions in Ballarat. It's going to be great for the town.

The application outlines plans for "a purpose-built market facility with associated convenience restaurant, car parking and loading facilities."

The permit applicant is recorded as Clancey Blue Pty Ltd, a company owned by Mr Ward, with the application submitted by planning company Beveridge Williams.

The Amazing Mill Markets, which include venues in Geelong, Ballarat and Daylesford, were bought in 2012 by Mr Ward, who was a Geelong-based businessman at the time.

The Ballarat site has operated at its current location along the Western Freeway since 2009.

Mr Ward said he hoped work would be able to begin in the new year, with construction expected to take about 18 months.

The market would be open every day apart from Christmas Day, from 10am to 6pm.

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