Number 90 Crown Street, which is home to Services NSW and the trendy Mr Crown nightspot, hit the market on Thursday and will be a prime target for global investors.

The seven-level building has already been given government approval for expansion, either with more levels on top or building outwards into the courtyard.

The advertising campaign will extend offshore, including a property showcase in China, while the sale is being managed by Knight Frank and MMJ Real Estate Wollongong.

MMJ selling agent Travis Machan said the building passes a net income of approximately $3.64 million per year.

“The property offers the astute investors ... strong government tenants, tenancy mix, in this case commercial and retail and development upside,” Mr Machan said.

Meantime, Knight Frank’s Director of Commercial Sales NSW Richard Garland said Wollongong is ideal for investment because it has a strong and fast-growing market.

The Wollongong Insight: June 2016 report labelled the city as the “economic focal point” of the Illawarra, stating it accounted for 61 per cent of the region’s gross regional product.

“Wollongong … is often perceived and recognised as a global satellite city,” stated the Knight Frank research. 

“[It’s] connectivity, resident population spillover from Sydney and a growing government tenant presence will ensure it remains the epicentre for economic activity in the Illawarra region.”

Jonathan Vaughan, Knight Frank’s Associate Director of Commercial Sales, said the city’s office market was transitioning from a manufacturing to a service-based economy, increasing demand for office space.

“The report found approximately 3,773 jobs will be created over the next 20 years in Wollongong’s CBD,” Mr Vaughan said.

It comes after a South African company purchased the Navy Hydrographics Building on the corner of Station and Burelli Streets for $13.6 million in April.

It was the second Wollongong asset acquired by the private investment fund Abacus Nominee Services, showing continued confidence in the region by the group.