Ray White Warrnambool sales executive Leanne Mugavin said there were two components to the sale of 206 Lava Street, the freehold and the business.

She said the freehold consisted of six self-contained apartments - five two-bedroom apartments and a deluxe spa suite.

Ms Mugavin said it was a very successful long-term business which ran at 80 per cent occupancy 12 months of the year.

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"It's a very, very successful business and has been for a long time," she said.

Ms Mugavin said the apartments were modern and had been constantly updated.

"They've owned them for 22 years but they've been refreshed and updated continuously during that time," she said.

"They're absolutely immaculate, just beautiful.

"There's two components to the sale. The business and the freehold may be bought by one person, but if people have interest just in the business but not in the freehold and vice versa, we'll welcome those enquiries as well.

"It's just gone on the market so we're starting to get the enquiries come in now."

Expressions of interest close on Friday, May 6 at 5pm.

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