Development plans for the Mate Street address where a Woolworths supermarket was originally built in 1970s were ticked off by Albury Council in late October.

The Five Ways medical precinct plans were unveiled in June with a $6 million price tag.

The property, which has been home to Betta Electrical and Crazy Clints Bargains in more recent times was sold by its Melbourne-based owner last year for almost $1.4 million.

The soon to be redeveloped site has already attracted solid interest with around 30 per cent of the space already snapped up.

Scott Mann from leasing agents, AW Commercial, said the market was being canvassed for allied health professionals in the physiotherapy, psychology, occupational therapy, osteopathic and pathology fields to also make the move to the Five Ways.

It will also include a fully fitted-out cafe ready for immediate trade.

"Positioned on a prime corner site with extensive on-grade parking, the Five Ways medical precinct development is the first strata titled medical focused development to be offered to the market in decades and is an investment opportunity that should be strongly considered by owner occupiers and investors alike," Mr Mann said.

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Meanwhile, more commercial development is set to take place nearby on Wagga Road.

National brands Guzman y Gomez and Oporto have already been attracted to the former service station site on the corner of Wagga and Kaylock roads.

Development plans for the site will be submitted to Albury Council early next year.

"Now considered the geographical centre of Albury-Wodonga, these developments demonstrate the strength of the commercial property market in Lavington," Mr Mann said.

"We are continuing to see interest in the area from national brands which see the region as an opportunity to drive sales outside metro areas."

In central Albury, development plans were submitted this week for the creation of shop top housing above an existing commercial premises in Olive Street formerly occupied by Sportspower.

The $2.2 million proposal will see the creation of two luxury apartments on the first floor with off-street garage parking planned from the rear laneway at Arnolds Lane to service the upstairs residential component.

A dividing wall will be constructed east-west through the centre of the first floor to separate the two apartments.

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