The library is one of seven vacant commercial buildings and shops in Raymond Terrace owned by Port Stephens Council.

The council owns a number of commercial and retail premises which are leased to provide a return to ratepayers, with assets across 14 locations which comprise 46 separate tenancies.

Currently 15 per cent of these are vacant, with the majority located in Raymond Terrace.

According to Port Stephens Council's acting property services manager Brett Field a lack of rental interest can be put down to the age and desirability of the commercial sites.

"Raymond Terrace relatively speaking is a smaller commercial market . . . it continues to remain relatively strong," Mr Field said.

"Functional obsolescence is a major contributing factor in older stock and for this reason council does not upgrade premises until a suitable tenant is found and a workable financial arrangement can be entered into under a registered lease."

While sitting vacant these Raymond Terrace-based properties cost council almost $30,000 a year, but much of this cost is made up of rates which are paid back to the council.

Some of the longest vacancies are found in Raymond Terrace Shopping Village on William Street, where three suites and one shop have been vacant for more than two years.

But Mr Field said the council would be unwilling to sell assets without leases in place because the properties would not achieve high values at sale.

"Most of the current vacancies cannot be sold in any case as they are only part of a larger property which is held under one title," he said.