The site, which is managed by Youngs and Co., is being bulldozed during the next month before expressions of interest will be sought to develop the land.
The Pizza Hut — which was one of the last two in Victoria with all-you-can-eat buffet — shut for the final time on Easter Monday.
Youngs and Co. principal Glenn Young said the owner of the property was "open to anything".
“We're looking for a long-term tenant, they're happy to sit down and build to the tenant's specifications,” he said.
“There are restrictions around height, but what you can do with (the property) is basically limitless."
The block sits directly opposite Shepparton Art Museum and Victoria Park Lake, backing onto the train line.
Mr Young said he could picture a high-end restaurant with some high-market accommodation on the site.
“The views (across the lake) are magnificent, we'd love to see a smart entrepreneur take it on,” he said.
Permits are in place to demolish the premises, and the building is expected to be flattened by the end of May.
A second block metres down Goulburn Valley Hwy across the railroad has also been slated for development.
Peter Cardamone Real Estate principal Peter Cardamone said the block, on the corner of MacIntosh St and the highway, would be a residential development.
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