It is understood the property, which is often referred to the former Spotlight building, will go on the market as of next week.

Nowra's Integrity Real Estate and MMJ (Martin Morris and Jones) in Wollongong are set to offer the almost 4000 square metre property for sale.

Integrity director Peter Russell said the property has prime 3B business zoning, which could allow for a number of future development proposals.

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"We will be calling for expressions of interest over the property," Mr Russell said.

"It really is an iconic piece of Nowra CBD real estate."

The property is owned by Queensland family business Fatseas Investments Pty Ltd, who have large commercial land holdings in NSW.

Mr Russell said although part of the property is listed on Shoalhaven City Council's LEP (Local Environmental Plan) as having heritage significance, the property is not heritage listed.

"The property isn't on the NSW Heritage register," he said.

"Council has identified the facade on Berry Street and a balcony overlooking Emporium Lane as being of heritage significant but it doesn't have a heritage listing.

"It leaves itself open for some sort of redevelopment of the site.

"The zoning enables retail tenancies, office space and could even incorporate shop top living.

"Any redevelopment would have to have its core business of a commercial basis on the ground floor."

The sale also takes in the adjacent Hunt and Gather coffee shop location.

At 3910 square metres the property is believed to be one the biggest privately owned parcel of land that has been sold in the Nowra CBD for many years.

The former Dalex Motors and Nowra Mazda site, which is currently home to the Quest Apartments development, although of a different zoning, was only half this size.

It is understood in the past 12 months a healthcare provider was looking at the property with the possibility of having car parking on the lower level, retail space at the ground floor onto Berry Street, with office suites above and possibly three to four stories of aged care facilities.

It is believed the price could range from between $3 million to $5 million depending on who is in the market at the time.

The 1889 building in Berry Street, which also fronts onto Stewart Place and Emporium Lane, over the years has played a major role in Nowra's history.

Originally called Richmond House for The People's Emporium founder John McArthur the building has been home to numerous business, and it depends on your generation as to how you refer to the building.

It's last fulltime incarnation was as Spotlight just over two years ago, although it was home to the National Party's Katrina Hodgkinson's federal election campaign briefly in May.

You could know it as Woodhills, Mates, Emmotts, JB Youngs or Grace Brothers who have all occupied the building at one time or another in its 130-year history.