WODONGA Council has a buyer for land once home to the city's swimming pool, police station and court house.
A Sydney development company has offered to pay $3.55 million for the land between Elgin Boulevard and Stanley Street.
Marketed as CBD West the land covers 17,000 square metres and opens to Smythe Street, south of Elgin's hotel.
Criterion Property and Capital plans to buy the former pool land for $1.810 million and the old justice precinct for $1.740 million.
The securing of a buyer follows a lengthy sales pitch which began in 2011 when the council circulated a 20-page glossy brochure seeking expressions of interest.
"This year, and particularly following the completion of the four-year project to revitalise the city centre, the council saw an increase in investor interest, demonstrated by multiple viable offers to purchase the CBD West parcels," Mr Dixon said.
Criterion founding director John Mooney said his organisation had "come across" the site three to four months ago as part of trawling for development opportunities in regional Victoria.
"We were just very impressed with the way the town centre of Wodonga has been developed, it's got a great sense of positive energy and we believe the site is very strategic and important for the city," Mr Mooney said.
He said there was broad potential uses for the land.
"Nothing is fixed, we've got a very open perspective on it," Mr Mooney said.
"We will be putting together a master plan for the site.
"At the moment that would include retail commercial and we're looking at residential in some parts and maybe a civic use as well."
Mr Mooney said pedestrian access from Elgin Boulevard to Stanley Street would be part of the works.
He specified business accommodation as a need.
"There's no doubt there's a dearth of office space in Wodonga, there's no quality office space being offered in the city," Mr Mooney said.
As part of legislative duties, Wodonga Council is required to seek feedback on the land deal and will advertise its intention to sell the blocks in Saturday's Border Mail.
Conditions of the sale include an easement being created between the open land and KFC restaurant fronting Elgin Boulevard.
There will also be specified times for the buyer to "substantially commence and practically complete the development".
The council and Criterion have signed a heads of agreement which has triggered the sell-off process.
Those wanting to comment on the sale will have until November 11 to make submissions.
It is not certain when the council will then make a decision on the sale but it is hoped the deal can be done before the end of the year.
Mr Mooney was unwilling to say when work might then begin on the land.
The Stanley Street end of the land hosted Wodonga's municipal swimming pool from 1959 to 2012.
Elgin Boulevard was home to the city's police station and court house from 1967 to 2002 when a new justice complex was opened.