City of Greater Bendigo Mayor Peter Cox and Planning Director Prue Mansfield said the building would rejuvenate the central business district by providing a thriving commercial hub. 

"What we're going to see is a rejuvenation of business and we hope a variety of businesses," Cr Cox said.

The new owners, Pall Mall Nominees Pty Ltd, have widespread experience in transforming historic buildings and precincts into vibrant accommodation and hospitality businesses.

The past ventures include the redevelopment of the historic George Hotel and Jacksons and Co in Ballarat.

Ms Mansfield would not say how much the building sold for, but revealed the council did not cover its costs of $1 million spent on repair works on the building, over the course of 15 years.

The council purchased the building in 1999 with the assistance of a state government grant, taking on a stewardship role to repair the building to make it attractive to potential buyers.

While the council didn't cover its costs, Cr Cox said the economic benefits of the precinct would outweigh the money spent on its restoration. "Many, many millions of dollars will be transacted in this building," Cr Cox said.

“This project is another example of the council protecting our precious heritage so it can be enjoyed today and into the future," he said.

“The successful buyers have a fantastic vision for the former Mining Exchange and are looking to tap into Bendigo’s growing reputation as a food and drink destination of choice.

“Their vision includes a strong focus on locally-sourced produce and artisan made products. The building will be converted to include a number of cafes and restaurants, a provedore delicatessen, a distillery and bar. It's not only a heritage project but an economic project."