1.17pm: The exclusion zone has been removed and Swan Street has reopened to traffic.
Police and fire fighters are starting to leave.
1.06pm: This from Mercury reporter Josh Butler
Police have inspected the building and deemed the area as safe.
Employees are being let back into the building.
The exclusion zone is still taped off, but is expected to come down soon.
Emergency services are still at the scene.
1pm: This from Mercury reporter Lisa Wachsmuth
Coniston Public School is in lockdown due to a bomb scare received at a nearby Swan Street business.
The school, at 123 Auburn Street, is not within the exclusion zone and has not been evacuated.
A Department of Education spokeswoman said the school's gates were closed, with no-one allowed in or out. Students were being kept in their classrooms.
''Parents need not be worried,'' she said. ''Students are safe, the school is in lockdown and is awaiting further information from police.''
An update will be issued if the situation is not resolved before the 3pm school pick-up time.
12.59pm: This from Mercury reporter Josh Butler
Fire fighters and police rescue are assembling outside the targeted building and look like they are about to go in.
12.50pm: A quick recap:
- A staff member from a business on Swan Street received a bomb threat just before noon on Tuesday.
- The threat came at about the same time as a routine delivery was made.
- Police have set up a 200 metre exclusion zone and have evacuated some buildings on Swan Street. Homes in Finlayson Street, behind the targeted building, have also been evacuated.
12.38pm:This from Mercury reporter Josh Butler who is at the scene
A police rescue truck has just arrived at the scene.
Residents who live within the exclusion zone are being turned away by police.
12.35pm: This from Mercury reporter Lisa Wachsmuth
Two staff members from Kev's Automotive Repair Centre at 70 Swan Street have been evacuated due to the bomb scare.
Manager Trent Peime said police had ordered himself and a tradesman to leave around noon.
''It's a busy time of year so we're hoping to get back soon - we've been told about another half an hour,'' he said.
''We're not really worried about it - it's probably just some stupid kids getting on the bandwagon from yesterday (siege in Sydney CBD).''
12.25pm:This from Mercury reporter Josh Butler who is at the scene
Fire hazmat units are on the scene and police rescue are on the way. Many workers in the area are trying to get their cars out of the street.
Many are parked directly in front of the targeted building.
12.22pm: This from Mercury reporter Lisa Wachsmuth
Keira Dr Cleaners is right on the edge of the exclusion zone at 106 Auburn Street.
Manager Ray Merz said staff were ready to evacuate if advised by police, but it was currently business as usual.
''We're good at the moment,'' he said. ''Nothing like this has ever happened around here before to my knowledge, and it makes people a bit anxious - especially considering the events in Sydney CBD yesterday.
''At this stage we will stay put, but will move if police tell us to.''
12.15pm: Police are door knocking homes on Finlayson Street, behind Swan Street, and asking residents to leave.
12.11am: The threat came through about the same time as a routine delivery was made.
12.10pm: The bomb unit have been called. It is believed they are about 30 minutes away.
12.09pm: Fire fighters, police and ambulance are at the scene.
12.07pm: Swan Street is closed between Auburn and Kenny streets.
12.05pm: Police told Mercury reporter Josh Butler a staff member in a building on Swan Street received a bomb threat and called police who evacuated the building.
About 150 people have been evacuated. Many have been sent home.
11.59am: Police have closed Swan street in Wollongong after a bomb threat.
At least two buildings have been evacuated.
A 200 metre exclusion zone has been set up around Kenny and Swan streets.
MORE TO COME