ISPT aquired the Bendigo Marketplace at the beginning of 2014 and has committed $7 million to this year's upgrade, which coincides with the shopping centre's 20th anniversary.

The renovations commenced prior to Christmas last year and included upgrades to lighting, internal paintwork and the underground car park.

ISPT’s general manager retail services, Sam Curry said the works were designed to improve the overall presentation, look and feel of the centre.

“ISPT is excited about the future of Bendigo as a retail destination," he said.

"Bendigo Marketplace turns 20 this year and we believe it needs some work to improve appearances and position it to service the community for years to come."

Mr Curry said the upgrade had also seen the introduction of a number of new vendors.

"As part of the facelift, ISPT has introduced new retailers to Bendigo such as Boost Juice and Platypus Shoes. The new retailers have been well received by locals and we expect to announce some more new brands coming to the centre later this year," he said.

The works to be conducted in 2015 include an upgrade of the two main entrances, incorporating new external seating and landscaping, new furniture throughout the malls, refurbishment of the food court and the introduction of a children’s activity zone along with other enhancements.

Mr Curry said the concept for the new interior featured timber, sculptural trees and striking elements and forms inspired by the environment, art and culture of the Bendigo community.

Bendigo Marketplace centre manager Marc McEnallay said it was an exciting time for the centre.

“Bendigo Marketplace is going through an exciting period with the owners ISPT committed to investing in the refurbishment and upgrades of the centre," he said.

"We have received much positive feedback from tenants and customers who are already noticing the changes."