A former NAB in Wollongong’s prized Crown Street Mall has transacted for $4.592 million through Burgess Rawson’s Kieran Bourke and John Ingui in conjunction with Knight Frank’s Ben Churven and Luke Field.

Mr Bourke said the partially leased property was sold to a local who will potentially occupy the premises in the short term with a view to a future mixed-use development.

“We had over 80 inquiries during the campaign with two buyers vying for the property.

“The precinct has been popular in recent times with a number of new developments emerging,” he said.

Positioned at 147 Crown Street, the 1,025sqm development site features double retail frontage.

The E2 Commercial Centre zoning allows for the redevelopment to a number of future uses with a building height of 48 metres.

The current improvements comprise a quality two-level 897sqm two level building plus ample onsite parking.

The property is in a busy location adjacent national tenants include CBA, ANZ, St George Bank, David Jones, Target, 7-Eleven, NRMA, Woolworths and Australia Post.

Mr Bourke said Wollongong is NSW’s third-largest city, with an expanding coastal catchment of over 200,000 people and only one hour from Sydney.

“The population is forecast to grow by 21.5% to 222,657 by 2041 while the city’s Gross Regional Output is more than $13.2 billion,” he added.

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