Once the largest power station in the state, the station operated for about 30 years until it was decommissioned in 1986.

A guide of $30 million-plus has been set for the 22.3 hectare site, which is being marketed by Colliers.

Colliers' Nick Estephen said the landmark had the potential to be transformed into a large-scale residential, retail, commercial or even tourism site.

"This site presents the opportunity to develop a national icon, not dissimilar to developments like the Battersea Power Station in London or the Casula Powerhouse Museum," he said.

"With zoning for both mixed use and medium density residential and over 50 acres right near the water, the site is primed for redevelopment."

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Located just 500 metres from Wangi Wangi Bay, the power station was bought in the late 1990s by Gold Coast developer Ian McDonald, who died in 2014.

Mr McDonald had planned a $300 million redevelopment for the main building, but it never went ahead.

In recent years the station has been the target of arson and vandalism.

Lake Macquarie City Council chief executive Morven Cameron said the site's development could have huge benefits for Wangi Wangi.

"We do see it as an iconic building and we also see it as a real opportunity to continue this journey of diversifying our economy," she said.

Expressions of interest on the site will close on Thursday, December 9.

Colliers' Peter Macadam said the response from prospective buyers to date had been "fantastic".

"Outside of CBD locations, something of this scale is fairly rare," he said.

"The interest has come from large local and national developers, along with some high net worth speculative investors.

"Some people's interest relates to their own vision for how the power station can be repurposed to capitalise on trends in the market and their own requirements."

Construction of the power station began in the late 1940s. About three million bricks were used.

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