A beachside property in one of the South Coast's most sought-after spots - on the market for the first time in more than four decades - passed in at auction.
Located at 72-76 Ocean Street, Mollymook, the 2083 square metre site is positioned close to Mollymook Beach.
The property comprises three separate titles with older-style homes on each block and is zoned MU1 Mixed Use, creating plenty of scope for redevelopment.
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It's being offered in one line by One Agency Elite Property Group agents Ashley-John Hatch and Aaron Blackburn.
The property received bids of $7 million and $8 million during Sunday's auction, before a vendor's bid of $8.5 million was recorded and the property was passed in.
It's now on the market with a price guide of $8.75 million.
On Wednesday, Mr Hatch said negotiations were ongoing with multiple buyers, and he was confident an agreement would be reached within the next seven days.
Featuring an 11-metre height limit, 47-metre frontage, and 45-metre depth, the site was expected to attract strong interest from developers, investors and coastal buyers.
"This is a generational opportunity," Mr Hatch said earlier this year. "Large-scale, mixed-use sites in this position are almost never available."
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Potential uses include residential or mixed-use development, boutique accommodation, or luxury dual occupancies, with the added flexibility of earning income from the existing dwellings.
Mr Blackburn said demand for premium coastal assets continues to tighten.
"Opportunities with this level of scale, flexibility and proximity to the beach are exceptionally rare," he said. "Buyers recognise that and act quickly."
According to the NSW government, the MU1 Mixed Use zoning aims to encourage a "diversity of business, retail, office and light industrial land uses that generate employment opportunities".
Permitted with consent uses include attached dwellings; boarding houses; car parks; centre-based childcare facilities; commercial premises; community facilities; entertainment facilities; function centres; information and education facilities; light industries; medical centres; multi dwelling housing; residential flat buildings; and tourist and visitor accommodation.
