And while other hospitality venues rejoiced at reopening when COVID-19 restrictions eased, the doors have remained shut.

Instead, a leasing agent says a new prime restaurant or bar operation would make a worthy investment at the former Hog's Breath Cafe site in Bakery Hill.

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The property has come up for lease after the restaurant franchisees decided just before COVID-19 lockdowns hit to leave the business.

While the restaurant was anticipated to re-open once the lockdown measures were lifted, the company has confirmed that to date it has been unable to find a new manager.

In discussions with the owner of the building, it has been decided to place the premises up for a rental tenant.

"Hog's Ballarat closed just before COVID-19 as our franchisee decided to exit the brand," Hogs Breath chief executive officer Steven Spurgin said in a statement.

"It is always a sad day when one of our families decides to close their business."

"With COVID-19 it has been difficult to formalise a new family to join us and with what happened in Victoria and South Australia our interested parties are a little cautious.

"The landlord has agreed to seek another tenant while we endeavour to get one of our new families to a level of confidence to reopen in this site.

"If we are successful we will be seeking a new venue to reopen."

Leasing agent David Wright from Colliers International said the building offered something unique in Ballarat.

"We put Hog's Breath in there and now we're looking for someone new," he said.

"It's a well-sought after building and it's quite unique in that you've got the upper floor area as well.

"Main Road is really flourishing, it would be a terrific opportunity for someone to take over a building such as this in a growing part of Ballarat."

Mr Wright said the site would make an ideal bar or restaurant. He added that rent was around $60,000 per annum.