The west Warrnambool bluestone building will be renamed Boulderwood and is expected to open next month.

It was dubbed Stonehenge after a long saga of Warrnambool City Council trying to force television technician Ian Anderson to finish the project he started 25 years ago.

Mr Anderson told The Standard yesterday he was close to completing the internal fittings and applying for a certificate of occupancy for the new tenants who had signed a three-year lease.

"I'm very happy with the outcome. It suits me and it suits them,'' he said.

"This project started 25 years ago when I decided to build something different for my On The Spot Television business."

The new venture is the brainchild of Koroit collector and dealer Simon Kemper, who has been operating from the Mill Market at the Fletcher Jones site for 18 months.

Mr Kemper said several other stallholders from the old factory site would also make the move and he had approached other local dealers operating from their own venues.

"We will have 22 stalls with up to 14 operators," he said.

"It will be a proper upmarket antiques and collectables outlet plus jewellery and other giftware including handspun and knitted garments.

"The Mill Market is separate from what we are doing. They (Mill Market) have changed the tune and are attracting a different type of crowd to what we want."

Mr Kemper predicted Boulderwood could become a tourist drawcard, attracting collectors from other regions.

Ray White Real Estate property manager Rodney Roberts said leasing the property had been an interesting job.

"I think the new venture will fit in well. They fell in love with it," he said.

"It will definitely bring a different mix to the area."

The bluestone walls are rocks collected from district paddocks and the ceiling is lined with slices of cypress sawn from district trees.

Mr Anderson will fence off an adjoining outdoor section with spectator seating overlooking a large concrete pit and hopes to have it completed next year.

The Fletcher Jones property is owned by Ian Ballis of Geelong, who runs Mill Markets in other centres.

He has put the FJ site on the market for sale with a range of options including continuing the Mill Markets operation as a lease with the new owner.