A large parcel of vacant land in Corrimal's CBD precinct has sparked plenty of interest from potential buyers, according to real estate agent Tim Jones.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Mr Jones, director of commercial sales at MMJ Real Estate Wollongong, described the land in Underwood Street as a landmark development site.
The property, owned by Wollongong City Council, is now being used as a free council car park servicing the suburb's retail strip.
The land has 11 separate titles with a total size of 5254 square metres.
"It's very difficult to get a landholding anywhere in that size range in the Illawarra's northern suburbs any more," Mr Jones said.
"You would usually have to amalgamate a lot of different owners to get to a site like this, so council have a unique offering in that regard."
Mr Jones said one of the site's key features was its 87-metre frontage.
"Developers like wide frontage for obvious reasons and it also has that rear lane access to Bertram Lane, which is another added bonus," he said.
Mr Jones said the land, zoned B2 Local Centre, offered significant development potential.
"It's mixed-use zoning, so there are a lot of different aspects you can look at it from - there are commercial, retail and residential uses available," he said.
"The most likely scenario is that you get a mixed-use development and a developer who does a combination of all of those things."
Mr Jones said there had been a lot of interest since the land hit the market.
"Inquiries have been very encouraging so far, we thought they would be, but we've been a little surprised at the number of people who are out there looking at this kind of site," he said.
"We are getting plenty of out-of-area interest, so a lot of Sydney buyers who are probably priced out of their marketplace up there are coming down here and looking for this type of opportunity," he said.
"Its proximity to Sydney being in the northern suburbs is a factor too," Mr Jones said.
The land will go to auction on Wednesday, November 5, at 6pm.
MMJ Wollongong recently won a tender to provide Wollongong City Council with real estate services.
The contract is for property management, sales and leasing of council properties.
"MMJ won the competitive tender process by demonstrating a market-leading position in all areas as well as commitment to local business growth and community initiatives such as the employment of locally based contractors," MMJ's commercial leasing director Michael Croghan said.
