Shellharbour City Council is selling three strategically located properties next to the Stockland Shellharbour regional shopping centre.
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The properties for sale include the council's administration building, adjoining vacant land, and a further 3.396 hectares of land - all within the Shellharbour City Centre.
Global real estate firm CBRE has been engaged as the council's agents for the sale, along with MMJ Real Estate Wollongong.
CBRE national director metropolitan investments Tim Grosmann said the property sales were the final stage of the council's considered asset divestment process.
"These council properties offer one of the most strategic city centre, mixed-use development and investment opportunities in the Illawarra region," Mr Grosmann said.
The administration building comprises 3880 square metres of floor space, has a licence for the use of 86 car spaces, is zoned B3 commercial core, and has a 4-Star NABERS energy rating.
The building is being offered with a three-year lease to the council and will be sold together with the adjoining land, being an 1801-square-metre development site also zoned B3 commercial core.
Both properties will go to public auction on Tuesday, August 18, in Sydney.
CBRE has also been appointed by the council to sell the 3.396 hectares of land in Benson Avenue, via an expressions of interest campaign which closes next month.
The land, which is next to Stockland Shellharbour, is zoned 2E mixed residential, allowing for a variety of uses, including residential and retail, subject to planning approvals.
Stockland Shellharbour underwent a $330 million expansion which was completed in 2013.
The shopping centre was Stockland's largest retail asset, as of December 2014, with a reported book value of about $680 million.
Mr Grosmann said the sales represented a unique opportunity to invest or develop in a residential, commercial and retail growth hot spot.
MMJ Real Estate Wollongong commercial sales director Tim Jones said the completion of the Shell Cove boat harbour and marina in 2018-19, the proposed expansion of Port Kembla, and Shellharbour Hospital redevelopment, added to the strength of the local economy.
Mr Grosmann said CBRE and MMJ had received strong interest in the properties with parties recognising the value of the development and investment opportunities.
lturk@fairfaxmedia.com.au
