St Hilliers has acquired an industrial redevelopment site at 124 - 130 Auburn Street, Wollongong for $5.95 million. Settlement is scheduled for June 2006.

The property comprises a total area of approximately 15,642 square metres and is strategically placed between Wollongong CBD and Port Kembla Harbour. Located on the western side of Auburn Street, the property has a secondary frontage to Miller Street.

Improvements on the site include nine buildings providing a range of industrial accommodation and extending over an area of approximately 8,100 square metres. All of the buildings have existing leases.

Martin Morris & Jones Agent, Geoff Jones, in conjunction with Richard Garland, of DTZ, introduced the property to St Hilliers.

"The sale reflects a very strong industrial market in Wollongong, which has shown excellent growth over the past two years," Mr Jones said.

He added that the recent announcement by the NSW Government to upgrade the harbour facilities at Port Kembla reinforced the property's key location.

St Hilliers Executive Chairman, Tim Casey said: "The options available for redevelopment of this older style industrial precinct are enhanced by the property's accessibility and extensive frontage to Auburn Street as well as the adjacent rail facilities at Coniston Railway Station just 100 metres to the southwest."

"Current zoning for the site allows for a wide range of redevelopment options including subdivision, bulky goods or industrial development and the income stream provided by the existing tenancies is an added bonus as we consider these options," Mr Casey said.