The venue, which includes a TAB, bistro, beer garden and bottle shop, will be auctioned on May 15.

Owner Mick Kehoe said the pub was closed when he bought it three years ago and a major renovation had made the hotel a viable business.

“It’s been very good, I’m just getting a little bit too old for it,” he said.

“I’m 58 and I’ve been in the industry for 30 years.

“I bought my first pub in Dookie at age 28 and I think at my age it’s a younger person’s game.

“Someone can take it over and take it further with accommodation and longer opening hours.”

Mr Kehoe runs the 1855 venue with his wife Jeannie and will retire once it’s sold.

He said the industry had changed significantly during his tenure.

“When I started 30 years ago there was no Sunday trading and the supermarkets didn’t sell alcohol,” he said.

“And I think there was something like a few thousand licences in Victoria, now there’s something like 12,000.

“I haven’t really done anything to bring the customers in; from the day we opened the door the Five Flags took off.

“But I won’t be sad to get out of the industry, I’m a bit of a dinosaur.”

Five Flags employs about 10 staff and has a reported annual turnover of $1.3 million.

Mr Kehoe said his fondest memories at the venue were of the people who came through.

“They’ve been fantastic,” he said.

“I’ve made a lot of friends.

“I hope whoever takes it over keeps the standards up.”

The pub was recently listed for sale through Melbourne-based real estate agent Burgess Rawson. 

Both the freehold and business are for sale. 

Agent Terry Board said he expected the pub to fetch about $1.5 million.

“We’ve already had interest, we’re expecting a lot of interest,” he said. 

The 3,300 square metre site is held in two titles, both of which are listed for sale. 

The close proximity of the Main Road pub to Melbourne and the "thriving" location are listed as selling points. 

The auction will be held at the site from midday, May 15.