Formerly the Donaldson's Mitre 10 building, the 5000m2 property is located at 18 Jondaryan Avenue, directly opposite Griffith Central and is currently being used to house the Rotary Markets every Sunday.

For sale by tender, Brian Bertolin from Griffith Real Estate said the existing development application (DA) approved for seven shops, offers unlimited potential for further development.

"We are really excited to have it," he said.

"People need to realise that the DA means considerable savings for them because the majority of the leg work has been done.

"It's a brilliant location and the DA is impressive. It's been well thought-out and includes 40 car park spaces. It's a big thing for Griffith and I do think it could be a game changer for the CBD."

The property, which has been in the Donaldson family for more than 70 years, contains three allotments.

Jock Donaldson co-ordinates the markets presently being held there each week.

He said plans were in place to find a suitable site to move to.

"We are looking for a site in the CBD if possible," he said.

"We may have to find a temporary location. We are working with council to find the right permanent site and looking at somewhere that would allow us to have parking for around 300 cars.

"We've got some ideas about what we'd like, but it's all going to take time. We need a building that's slightly larger than what we've got now and inside out of the elements.

"The markets are a vital part of the Griffith community so if we do have to go to a temporary site until we get our new one sorted we will try and keep it as close to the CBD as possible."

Tenders for the sale of 18 Jondaryan Avenue close Friday, May 30.

Contact Griffith Real Estate for more details.