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The Peggydale tearooms, function centre, and souvenir/giftware shop, just south of Balclutha, was started in 1975 by paraplegic entrepreneur Bill Jones and his wife Peggy.
Following Mr Jones' death in 1997, it was taken over by his son Mervyn, and his wife Alison.
Bayleys Dunedin salesman Miles Rapley said Peggydale's land, buildings and business were being marketed for sale by negotiation.
While Peggydale's ''bread and butter'' business would continue to come from the busloads of tourists stopping for refreshments and souvenirs, seven days a week, its potential lay in becoming a function venue for the surrounding rural townships of Milton, Clinton, Gore, Owaka and Balclutha, he said.
Peggydale is on a landscaped 9.93ha block, containing the main hospitality and retail buildings, with an adjacent four-bedroom owner/operator's home.
The 340sq m cafe seats up to 100 and has a fully-equipped kitchen and commercial-grade cookers, hobs, chillers and freezers, employing nine staff.
Peggydale's neighbouring souvenir and gift shop, covering
587sq m, is laid out in a retail format and employs five staff. Mr Rapley said the owners' luxury 274sq m four-bedroom residence was reconfigured in 2011 so it could potentially operate as a B&B.