Agents Prime Property Partners Australia have confirmed a deal was imminent for the land once identified for a major retail and offices development on two levels.

The agents were involved in the deal on the opposite side of the laneway that saw the Mate's Building extended to accommodate Harris Scarfe.

"The carpark will be shutting and will be shutting for a reason," Prime Property commercial sales director Peter Razos said.

"It could be four weeks, it could be six weeks, but we just want to give people some prior warning it is happening."

Mr Razos was tight-lipped about the identity of the investor in the Kiewa Street land.

"The business in question is already in about 300 places around Australia," he said.

"They see the potential in Albury and the surrounding area."

The deal could be clinched within a month and a development application lodged with Albury Council.

Mr Razos said the existing pedestrian access would be retained.

"Whatever could be built on the first floor can overhang that section of lane way," he said.

"It will of course be subject to council approval, but that is what is being looked at right now.

"It should work well."

The total area remaining available for development is 1450 square metres with 350 square metres taken up by the laneway.

"It will be substantial and will be good for the area," Mr Razos said.

The owners of the land, Proton Development, announced plans to sell three years ago.

In 2007, Proton had gained Albury Council approval for a $16 million development consisting of shops and offices on the 2340-square-metre site.

But the venture didn't proceed, with the global financial crisis thwarting a start to the project.

A development deed was ripped up two years ago.

Proton also formerly owned the Mate's Building before selling to a syndicate put together by Crowe Horwarth in 2011.