The old ANZ Bank and the house next door on Fern St in central Gerringong has been sold.

The identity of the buyer and the sale price are not yet known.

The 1500sqm property is ripe for redevelopment, with locals wondering what will eventuate given its B2 zoning on the main street.

Council is committed to undertaking a Gerringong Town Centre Study, the first update since the Gerringong Charette was developed in 1995, but the process has been delayed.

It will result in a Town Centre DCP to guide future development.