National livestock sales company Regional Livestock Exchange has decided to cease operating at the Camperdown saleyards.
RLX has notified Corangamite Shire Council it will terminate its lease on the Council-owned property.
It is expected the last sale day will be on Tuesday 25 June.
Corangamite Shire Council Chief Executive Officer David Rae said the decision by RLX, while disappointing, was not unexpected.
"RLX's decision to cease operation is a business matter outside Council's control.
"The company has spoken with agents and users of the facility advising of intent to close. Council also plans to speak with agents," Mr Rae said.
"RLX will be responsible for decommissioned the site and making it safe before handing it over to Council."
Mr Rae said RLX had operated the site since 2018.
"In that time the market has changed and more cattle are being taken to other venues instead of Camperdown.
He said the closure will not result in any significant lost revenue for Council.
Mr Rae declined to speculate on future of the site before all avenues were thoroughly explored.
"Council will investigate the future use of the site but—given the business realities prompting RLX's decision—is unlikely to take over management of the saleyard.
"Possibilities include looking for another operator, or identifying alternative uses for the land.
"It will be a lengthy process to determine what other uses may be possible and what will be required to decommission the saleyards and potentially repurpose the land.
"Any decision will have to consider prudent investment of ratepayers' money into the future, and maximising community benefit."
