The Corangamite Shire Council is seeking feedback on an ambitious plan to create a social hub where the community can meet and network.

Mayor Ruth Gstrein said the plan brought together goals raised by the community to guide the development.

"There are some pretty ambitious ideas here," she said. "Some of the long-term ideas could be expensive and council will have to do a lot of advocacy work to source external funding for parts of the masterplan to proceed."

"Just because something is in the plan doesn't mean it will eventuate. That being said, we don't want to hold ourselves back by a lack of imagination."

Some ideas for the hub from the community included:

Cr Gstrein said the complex could be improved with better disability access and modernised facilities.

"As well as protecting the heritage features of the theatre, there is potential to enhance performances with pop up facilities or events," she said.

"The library could benefit from more flexible spaces, meeting rooms, children's and youth spaces that allow for modern educational programs.

"The plan recommends 'maker spaces' and remote working opportunities to attract tree changers looking for more open living conditions during and after the coronavirus pandemic."

Named for the English translation of Indigenous word 'Corangamite' the proposed Salt Water Innovation and Social Hub would be a welcoming gathering place.

Central Ward councillor Laurie Hickey said the sprawling complex includes the theatre, Mechanic's Hall, library, indoor stadium, Killara Centre and McCabe Room, shops, offices , Senior Citizens Centre, a commercial kitchen, toilets and off-street parking.

"It's absolutely bursting with unrealised potential," Cr Hickey said. "Under the master plan it could become a meeting and learning space for the whole shire.

"It's central location means there is real potential to connect food and fibre entrepreneurs from Mount Elephant to Timboon and Skipton to Port Campbell.

"Council is committed to building a strong, connected and resilient community. The Theatre Royal complex can be part of that as a shared focal point for arts and culture, education, business and social opportunities.

"This complex has seen some significant changes and a multitude different uses and events over the years, and now it is time to use our imagination and see what the next chapter holds for this corner."

The first two years of the plan suggest upgrading the library and starting the innovation hub.

The next three years would focus on commercial options such as renting spaces and holding functions. The following five years would focus on attracting users from the wider area and springboarding Shire businesses through product launches and regional conferences.

The draft master plan and feedback form can be found at www.corangamite.vic.gov.au/TheatreRoyalPlan.

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