Melita and Shane Matchett, now of Queensland's Sunshine Coast, bought the iconic venue in 2007, and are selling up for financial reasons after spending "a lot of money" on the site.

"We've done extensive refurbishments, but there's still a little bit left to go," Mrs Matchett said.

"But we're at the end of our finances, so it had to go up for sale."

The four-storey bluestone building was built in 1846 on the banks of the Liffey River.

The building has a hand-dug cellar, and a reticulated water course throughout the building that feeds a working water wheel.

The venue - which included a bar, bistro and function centre - closed for business in January 2009.

The property still has a liquor licence and had council approval to develop a microbrewery, which has since lapsed.

Roberts Real Estate agent Sharin McCarthy said around 10 parties had already expressed interest in the property, which will go under the hammer on July 5.

The property has potential for development such as subdivision, accommodation, an art gallery, vineyard or cellar door sales.

Behind the mill is the original, two-bedroom Georgian miller's cottage, featuring four fireplaces and an original baker's oven.