INVESTORS are considering transforming the former May Noonan aged care home into worker accommodation, a backpacker style accommodation or a yoga retreat.
The expression of interest (EOI) process began in early September after Lydoch Living shut the facility in June.
Colac's Charles Stewart director Anthony McDonald said there had been a number of investors assessing the facility and looking at what it could be used for.
He said a woman had looked at whether the facility could be run as a yoga retreat and another had investigated if it could be converted into backpacker-style accommodation.
"I've also had an investor in the agriculture sector look at whether it could possibly be used for worker accommodation," he said.
"It's got lots of beds and bathrooms, all the facilities you'd require.
"It's got emergency exits.
"It ticks lots of boxes."
Mr McDonald said the EOI would close on October 18 and he encouraged anyone with interest in the future of the site to get in touch.
"We'll let the EOI run through the process," he said.
The facility has 40 single accommodation rooms, 32 with shared dual bathroom facilities and eight with en suite bathrooms.
It also includes a commercial kitchen, commercial laundry, a large dining area, several lounges and numerous offices and utility rooms.
The building sits on a 1.76-hectare site and includes shedding and landscaped gardens.
A community working group has been established to explore the future of aged care in the town and a business case would be developed to determine the Terang district's needs.
The community has called for Lyndoch Living to return any May Noonan centre sale proceeds to the Terang community for future aged care provision.
Lyndoch Living bought the May Noonan facility in 2018, with CEO Doreen Power trumpeting the "shared values" of the two services, and talking about how Lyndoch could "add more value to residents' lives" at the Terang home.
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