A vacant block of land described as the largest single holding of residential land left in Figtree, has gone on the market.
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The 4544-square-metre parcel of land has Princes Highway frontage and is positioned in the prime shopping precinct opposite Westfield Figtree.
The land, at 38-40 Princes Highway and accessed through Benney Avenue, is zoned R2 low density residential.
MMJ Real Estate Wollongong managing director Geoff Jones, who is in charge of the sale, said the zoning permitted a 0.5 to 1 floor space ratio, enabling a potential residential development of more than 2200 square metres.
Its height limit of nine metres also presents a developer with the opportunity to build units, or the more traditional forms of housing in the suburb such as villas and townhouses.
Mr Jones said the land was a major development site.
"Its location is a major factor," he said. "It ticks so many boxes for the sort of amenities that people want to engage in these days."
The site was close to public transport, shops and restaurants, parks, clubs, and schools.
Mr Jones said the land was put on the market on Tuesday and there had been several inquiries during the first round of marketing.
Mr Jones said a consultant was preparing a report on the site, taking into account its history and examining water issues.
Expressions of interest close on March 12.