Lady Bay Resort has been put out for expressions of interest, with Mr Walsh saying he wanted to “see if anyone out there wants it”.

The property includes 17 freehold apartments, a bar, bistro, conference centre, gym, and day spa, as well as managing rights to a further 45 apartments.

Mr Walsh, who turned 70 last year, purchased the original Lady Bay Hotel on the site in 1976 with Colin Macleod. He sold it in the early ‘80s but bought it again in 1989, before redeveloping it into the resort complex in the early 2000s.

“It’s been really good, I really like the whole complex, but it’s probably just time to move on and let someone else have a go at it,” Mr Walsh said.

He said he missed the days of the Bay being a rock ‘n’ roll venue, but “those venues are all gone, they ran their race, they had their era”.

“So we went for accommodation,” Mr Walsh said.

“It’s been a really successful building. It cost me a lot of money to build. I couldn’t put an actual figure on (what it’s worth) – I’m feeling out the market, to be quite honest.”

Mr Walsh also sold the Austral Hotel in Colac last year, saying it was all part of a plan “to wind down a little bit”, but added he planned to keep working at Macey’s Bistro “for a while”, as well as retaining his business interests in the Hotel Warrnambool.

Expressions of interest close on June 9.