Mount Macedon residents Rod Hughes and Peter Griffin bought the hotel in April and are working on restoration.

Built about 1866, the hotel is part of country Victoria's heritage.

From Saturday, the duo will open the building's historic beer gardens each Friday, Saturday and Sunday.

Woodend chef Chris Wilding is returning to the hotel, where he worked before the fire.

"Chris had the restaurant for about five years before it burnt down," Mr Hughes said.

"As locals we feel it's really important for the area and the town to focus not only on local and regional products but also on local people."

As well as reopening the beer garden during the warmer weather, the stables will be open during winter until the hotel is fully restored late next year.

Mr Hughes said the rebuilding project had received plenty of support from local residents.

"There's a lot of interest from locals because this was at the heart of their town. Everyone I speak to wants it back up and running for the benefit of the town. A lot of businesses closed down and the others lost trade so the whole town really suffered."

Mr Griffin said it would take time to get the entire pub back up and running.

"That's why we decided to reopen the gardens for the summer and the stables for the winter. We're hoping the locals will be there with us for the restoration journey."

Details on the restoration process: visit www.thecosmopolitanhotel.com.au