A major development looms for landmark Penshurst corner block. Picture supplied

A landmark era in Penshurst's history has come to an end as the prominent corner site at 9a Bridge Street hits the market for the first time in nearly five decades.

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The announcement follows the recent closure of the long-standing IGA supermarket, a neighbourhood fixture that served the community for 44 years.

The property is now being offered with vacant possession, marking an offering that has sparked both high expectations for redevelopment and concern over the loss of a vital community hub.

The 1254 sqm site, situated directly across from Penshurst railway station, has long been a cornerstone of the suburb's retail landscape. Edward McFarland, National Director at Property Sales and Leasing, said the listing was rare. "A 44-year supermarket tenancy is a strong endorsement of the location. It demonstrates sustained demand, visibility and accessibility... that kind of long-term continuity is difficult to replicate," he said.

While the building houses a two-level retail and commercial structure, its zoning allows for a 19-metre height limit, potentially paving the way for a mixed-use development or shop-top housing.

The transition hasn't been without its share of community tension. The IGA management recently shared that their departure was due to a failed lease renewal. This closure has left many residents, particularly the elderly and those with limited mobility, worried about losing a store known for its flat entrance and convenient proximity to transport. Many residents fear the loss of the tenant will reduce foot traffic for the remaining small businesses along the strip.

The sale presents a blank canvas for the next chapter of Bridge Street. Mitchell Watts, Executive at Property Sales and Leasing, said the site offered flexibility. "What makes this opportunity compelling is its versatility. It can be repositioned and activated in the short term or held and redeveloped over time... buyers aren't constrained, they can move quickly to occupy, lease or reimagine the asset," he said.

Expressions of Interest campaign is set to run until May 27.