The commercial site spans almost 4481-square-metres and has approval for a $70 million development, which includes apartments.

The site, which has been on the market for some time, was expected to fetch up to $8 million.

Marcus Neill, Cushman and Wakefield's director of development sites, said Warrnambool was an attractive location for residents and visitors.

"As a thriving tourist hub, Warrnambool attracts over 700,000 visitors annually, generating an estimated $175 million per year, with the accommodation and food services sector capturing the largest share," Mr Neill said.

"With limited apartment supply in the region, this project presents a rare opportunity to tap into the growing demand for quality residential and hospitality offerings, particularly for a site which is permit approved."

Mr Neill said he believed Warrnambool had a vibrant economy and immense potential.

Cushman and Wakefield's Alex Leggo said the site would suit a variety of uses.

"This site is an unrivalled mixed-use development that caters to the needs of residents, businesses, and tourists, and will attract interest from developers, investors and individuals seeking to capitalise on the tremendous growth potential and exceptional opportunities " Mr Leggo said.

Expressions of interest for the site, at 127-145 Fairy Street,close on Thursday, June 29 at noon.

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