The antiques and collectables business already brings in more than 1000 visitors every day in Daylesford with other markets in Geelong and Ballarat.

Regional Victorian property developer Mark Ward wants to put Bendigo's market on Charleston Road's old Ridley Corporation site after recently buying it.

"It will be completely different in years to come but we won't be falling short by putting up tin sheds and the typical buildings," he said.

"It will be designed and modelled so that it will become a real destination."

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Mr Ward had wanted to build his next Amazing Mill Market in the region for years.

"There's never been anything like this that ticks all the boxes until now," he said.

"You have to have the right position or you are wasting your money. This is close to the lake, within walking distance if you want to walk into town, the Woolen Mill is not far away."

The site is also close to the Midland Highway, which would likely help draw in many of the tourists travelling between Melbourne and Echuca, Mr Ward said.

Plans for exactly what to do with the one hectare site are still in the very early stages but there would be plenty of room for a "large" mill market, he said.

A team of building designers from firm Project Now joined Mr Ward at the site on Friday spitball ideas while measuring every nook and cranny.

What seems certain is that the mill market would need to go into a new building.

Most of the ones on site were built after 1984, were "eyesores" and would no longer be needed, Mr Ward said.

However, he dismissed any rumours that a historic five-storey flour mill would be torn down.

The building would instead take pride of place as the hero of all future developments.

"The flour mill is not going anywhere. We see it as a complete and utter asset to the site," Mr Ward said.

It is an amazing, beautiful old building which we will restore and bring back to its former glory."

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The flour mill would not be suitable for a Mill Market itself because it was too small.

"We also don't want to have thousands of people going up and down elevators," Mr Ward said.

His team is still to work out what exactly the flour mill building would become.

Options could include everything from housing to office space, a boutique wine bar or short-term luxury accommodation.

"We are certainly looking on a grand scale for the site," Mr Ward said.

"You only need to get on the second floor of the building and you get these magnificent views of the city landscape.

"So it will be a lovely site to capitalise on."

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Mr Ward has revealed his plans at a time of major change in the area.

The City of Greater Bendigo wants to steer the area away from its industrial roots towards commercial, tourist and residential uses.

It is in the early stages of community consultations about what to do with the area.

In its early days, Bendigo's north and western areas housed the flour mill, an abattoir, cattle yard and various industrial workshops paved the way for suburban expansion.

The council used a 2019 industrial strategy to flag more work on the future of the industrial precinct, which includes a Bendigo TAFE campus, Hume & Iser and other commercial operations.

The same policy flagged looming industrial land shortages across the city but those worries have eased this week after the council locked in plans for a new industrial 155 hectare employment hub.

That plan was welcomed by Bendigo Manufacturing Group president Mark Brennan on Friday.

"There are definitely (BMG) members that have got footprint issues with businesses that have grown over the years and are looking for expansion," he said.

"This is an opportunity for them to expand, (and one) that will create more jobs."

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