Plans for the former Callaghan's Motors site were approved in March but the property was listed for sale by Melbourne firm Jones Real Estate.

Expressions of interest closed on July 14.

Jones Real Estate managing director Paul Jones said there had been "multiple offers" received.

"Expressions of interest have closed and we've shortlisted a group of interested parties to participate in a second round," Mr Jones said.

The successful bidder will have a number of options.

"The property offers the ability for a purchaser to acquire an acre of prime Warrnambool CBD commercial one zoned land," Mr Jones said.

"The property offers multiple purposes - retain the existing building and refurbish or utilise the approved planning permit to construct a mixed use development containing, residential, office, retail and serviced apartments.

"We note the serviced apartment product (84 rooms) comes with a lease pre-commitment from a national hotel operator - which showcases significant confidence in the blue chip location."

Melbourne developer Jose Romero, who played AFL with North Melbourne and Western Bulldogs, was behind the approved development, which had been earmarked for completion in 2023.

Plans for the site included three towers - one with about 100 serviced apartments, a second with 50 to 60 apartments which would be sold and another with office and retail space. It would be a major change to the city's skyline, with the development being built over 10 levels including a basement with 180 car spaces.

The development was approved by Warrnambool City Council, which received a number of objections to the proposal.

One of the objections was later withdrawn and while councillors were fully briefed on the project there was not enough opposition to trigger sending it to a meeting for councillors to decide on.

The second round of the bidding process is expected to conclude in several weeks.

When the property was first listed Mr Jones said said there was interest from a combination of local, national and international developers.

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