The property which actually includes three titles of land, 72 Jervis Street, 74 Jervis Street and 117 East Street sold for $65,000 above the asking price, going for $1.165 million.

Anyone who has traveled on the Princes Highway through Nowra has driven past the land, which was formerly the site of the Hollingsworth scrap metal recycling business.

Agent Glenn Brandon of Ray White South Coast said the property has been purchased by Sydney developer who already has other interests in the Nowra region

Read more: New real estate record for Culburra Beach

Mr Brandon said the property is a "unique opportunity".

"Located in the heart of Nowra, just 700 metres from Nowra's CBD, there was plenty of interest in the property," he said.

The property was originally passed in at auction last October, but Mr Brandon said "interest accelerated" after the Christmas period.

"Interest really ramped up in January," he said.

"And in the end we had two groups, both from out of town, who were really interested.

"The property sold for more than $65,000 over the asking price."

Read more: Jamberoo estate has nearly $7m price tag - and its own helicopter landing pad

Mr Brandon said the new owners are still locking in potential plans for the site, although it is understood that part of the property is zoned for any potential road widening of the Princes Highway.

That could now well be on the cards after revelations this week Shoalhaven City Council was now questioning its plans for the East Nowra Sub Arterial Road (ENSA) possibly in favour of triplicating the highway through Nowra with possible flyovers at Kalandar Street to alleviate the area's growing traffic congestion issues.

"That is of course a factor to be considered in any future plans for the site," Mr Brandon said.

"The new owners have confidence in the future of property in the Shoalhaven.

"The sale and interstate in the new year also indicates the difference in the market in 2021 opposed to 2020."

Located on the corner of the Princes Highway and Jervis Street, this massive block of land includes a tenanted three bedroom house on 2,726 square metres.

The property is zoned R3, meaning multi dwelling housing in the form of townhouses or villas are allowed.

There is ample parking available, including side access to the property.

Read more: Part of original Berry land grant on the market

Mr Brandon said the local real estate scene remains buoyant.

"There have been lots of really strong sales across the region of late," he said.

"Real estate sales in general across the region have been very good.

"There is lots of money around at the moment and the local market is particularly buoyant."

We depend on subscription revenue to support our journalism. If you are able, please subscribe here. If you are already a subscriber, thank you for your support.