Alyssa and Travis Strangwick, owners of wedding film agency Angry Chicken Media, have signed a 15-year lease of the property at 307 Learmonth Street after it was sold to a Melbourne investor in March.

"We are so excited because we love the history of the building, it's just so special and old. It has a gorgeous charm for an events space," Ms Strangwick said.

The couple is preparing to begin refurbishment of the building to create their new business Ivory Pavilion, with fresh paint, flooring and changes to the fit out planned, but no changes to the main structure.

The existing side kitchen space will be converted to a bar and a wall will be removed where the firefighters used to hang their coats to create an open dancefloor area.

A marquee will be installed behind the building to create a beer garden and the existing building at the back will be used as a bridal suite and green room for caterers, DJs and other staff.

"It is going to be really fun to watch it transform," Ms Strangwick said.

"It will still have that old station charm."

Refurbishment work is expected to take at least three months to complete, with plans to launch offering the venue for wedding receptions, engagements and anniversaries on Friday, Saturday and Sundays.

Ms Strangwick said the long-term plan was to open the venue up for community events with charity involvement, particularly for the Buninyong CFA to link to the building's roots. Other long-term plans include opening the space for other types of events and possibilities like a dance or yoga studio.

"We have plans for the future but want to get off the ground first and show the community they can trust what we are about and how we run our business," Ms Strangwick said.

The couple from Armstrong Creek near Torquay had been searching for a site to run a wedding reception venue for two years, with two failed attempts along the way to set up at other potential sites.

Ms Strangwick said they started looking for sites in Ballarat in April this year, given about 80 per cent of their film agency's wedding bookings were in the Ballarat region.

"When we saw the building we were like 'wow this is the one, this is gorgeous'," she said. "The exposed high beams, even the roller door is gorgeous. We can get food trucks to come into the roller door entrance, this is really unique and not something I have seen a building have before."

Ms Strangwick said she would be working to connect with businesses in the region to create a directory for couples, including child minding, transport, accommodation, food trucks, caterers and DJs.

She said bringing wedding guests to Buninyong could create a boost for tourism by creating more awareness of the beauty of the town.

"We are really excited about bringing more people to the area so they can spend money with all the local businesses around us," she said.

The property is zoned commercial and an application to operate as a licensed venue is before City of Ballarat. The old Buninyong Fire Station building sold for $860,000 at auction in March, attracting interest from members of the community.

The Buninyong-Mount Helen Fire Brigade has moved to its new base next to the Buninyong Golf Course with an official opening in April.

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