A recognisable Wollongong CBD office building now listed for sale could be a popular target for outside commercial property investors.
The property is located at 83-85 Market Street, boasting an estimated value of $5.5 million to $6 million.
The site consists of six levels of office accommodation, plus the potential to add in a seventh floor (subject to council approval).
Adjacent to the building, 83-85 Market Street has eight undercover car parking spaces, with 92 Market Street featuring 21 car parking spaces.
The site, zoned B3 - commercial core, is the former long-time home of the Kells law firm.
Last year, after almost three decades at the Market Street site, Kells moved its Wollongong office to a facility in Auburn Street.
Selling agent, Colliers International's managing director Simon Kersten said Kells formerly had a long-term lease at the Market Street site, which now only had a few tenants remaining.
Mr Kersten said the opportunity to refurbish and re-position the asset creates an opportunity for development profit or to earn a significantly increased yield.
He said the Sydney-based owners had decided to list the property for sale for someone to renovate it.
Mr Kersten said there had been strong interest from a range of investors, including many from outside the area.
"We think it's worth $5.5 million to $6 million," he said. "It's an opportunity... It needs about $2 million spent on it to bring it up to where it needs to be, but once you do that the building is worth more than $11 million."
Expressions of Interest are now open.