The John Bull Centre site has been sold for more than $3 million.
The property on the Princes Highway and Cambewarra Road covers almost 25,000 square metres (2.47 hectares) and is zoned 4b light industrial.
It also includes two parcels of land leased to a nursery and KFC.
The main building on the site was destroyed by fire in 2011.
The previous owner had planned to redevelop the site following the fire, however decided to sell the property.
Colliers International, Wollongong managing director Simon Kersten indicated the new owners had plans to re-develop the site either with retail or bulky goods outlets.