The Central Highlands township of Miena is home to about 130 people and two pubs - The Great Lake Hotel and the Central Highlands Lodge.

After exactly 10 years at the helm, the owners of Central Highlands Lodge have put their picturesque 5.35 hectare property on the market.

Helen Monks said the accommodation and hospitality business had undergone significant upgrades since she and partner Michael Cousins took over in 2014.

"It's been really good ... we've transformed the place," she said.

"It'll be very strange to move on but the time's come - we're both in our 70s."

The property includes 13 accommodation units and a large dam and is expected to fetch offers over $1.8 million.

There is also the Miena Hotel and on-site owners residence.

Nest Property's Todd Pepper said the property posed both a lifestyle change and a compelling business proposition for a new owner.

"There's good scope to expand the business whether it be further accommodation, or you can add a gaming license to it - Keno and TAB and some pokies - if you wish to go down that path," he said.

"It's right on the tourist route and a lot their business comes from people that are coming through that way.

"A lot of people, even if they're not tourists, will turn off and come out through Bothwell and the Great Lakes."

The property comprises four separate titles, two of which are vacant land.