Stockdale & Leggo Daylesford owner David Wynack, whose company is the managing agent of the project, said the completely revamped theatre would have 29 shops in its lower level and room for two on the upper mezzanine floor.

A third of those had already been leased with plenty of interest in those remaining, he said.

Mr Wynack said the retail complex would change the face of Daylesford.

And while he couldn't "name names", those moving to the complex included a hairdresser, clothing and lingerie retailers, a jeweller, food outlets and an architect.

"We have a third leased already, which isn't bad seeing no one has actually seen inside it yet," he said.

"And there is a lot of keen interest."

Mr Wynack said the building had been refurbished with its history in mind, with the Vincent St facade painted in a subtle cream, blue and white colour scheme, with special attention to its period features.

And, while the front has also retained its high ceilings, the rear is more modern with plenty of glass, lighting and polished concrete floors.

Above the rear, with the original bowling alley idea dropped some time back, is a roof-top car park with access to the shops via both stairwells and a lift.

The Rex Theatre was built in 1929 in a Spanish theatre style and throughout the 1930s and 1940s hosted numerous events for the residents of Daylesford and surrounding districts.

More recent uses included a supermarket and bargain store.

Mr Wynack said the current project would bring the theatre back to its former glory as a much-loved piece of Daylesford's past, present and future.