The Piper Street Hotel is believed to have begun as a Cobb and Co changing station in the 1870s and has gone through several reincarnations since. 

In the past five years it has functioned as hotel, bistro and bottle shop under the ownership of Melbourne-based jockey Stephen Baster.

With his wife about to give birth and no longer living close by, Mr Baster has decided to sell. 

He hopes the future owner of the iconic pub will spend money getting the venue to its full potential. 

"I think all the town really like that pub, they call it 'the bottom pub'," Mr Baster said, referring to the hotel's position at one end of the street.

"It’s in very good nick. It’s renovated quite nicely inside.

"I think the facet over at the front could be changed to be a little bit more welcoming, it’s probably dated a bit."

Jellis Craig agent Tom May said the hotel's strongest asset was its location on Piper Street, a strip known for fine food and wine. 

Mr May said the size of the land, at 2400 square metres would also be attractive to buyers. 

He said he was receiving interest in the property from local and Melbourne-based buyers. 

"You could value add easily without spending a lot of money, by just enhancing what’s there," Mr May said.