The project will be referred to an independent regional planning panel for approval given the council is the applicant for the project estimated to cost $12 million.

The site is bordered by Gerogery Road and Central Reserve Road with land owned by council, AP Delaney & Co and the NSW Government.

It will be completed in two stages with three biggest land parcels ranging from 29.78 hectares to 18.2 hectares being completed in the initial stage.

Each party will pay its own subdivision costs and any costs incurred in the lodging of the development application will be apportioned among the land owners based on the total area being subdivided.

Subdivision works don't include the connection of sewerage and water which will cost an additional combined $4.4 million over the next four years.

The council agreed to create the Nexus industrial hub in 2010.

Stage one creation is estimated to take about six months with Nexus idenitified as a priority area for industrial land release.

"The demand for industrial land within Albury in recent years has been exceptional as is evident by the rapid uptake of the industrial lands surrounding the Albury airport," the application states.

"This demand has been so extensive that there is a shortage of and a need for large serviced industrial sites which has contributed to the prioritising of Nexus estate."

The council reluctantly had to hand back $7 million in federal funding for the upgrade of the Davey Road inter-section to a full diamond interchange.

Total cost of the upgrade and creation of south-bound ramps was $14 million.

But matching funding couldn't be sourced from the NSW Government and councillors rejecting a rescue package.