A BENDIGO planning amendment to transform the former Crystal Ice and Gillies Pie Factory into apartments and shops is on exhibition.

City of Greater Bendigo have drawn up the planning scheme amendment which outlines changes to include retail floor space and applies heritage protection to five buildings on the Garsed St site.

Greater Bendigo Place Manager Philip DeAraugo said the current planning controls on the 2.5ha site were affecting investor interest.

"We could see up to 300 apartments, 9500sqm of office floorspace, up to 8000sqm of retail floorspace and the required car parking," Mr DeAraugo said.

"This is clearly an ambitious scale of development, but at the rate of growth Bendigo is experiencing this is the sort of planning the city needs to undertake."

Comments on the amendment will be received until Monday, February 18.