This article is from the Australian Property Journal archive
THE New South Wales government has netted almost $18 million from the latest four terrace and apartment building divestments as part of the Millers Point Sales Program.
Last week’s sales were headed by the circa-1833 Linsley Terrace building at 25-27 Lower Fort Street to an owner occupier family for $5.575 million. It was built for former convict George Morris and later subdivided into two dwellings.
Sold in one line, both have three bedrooms and two bathrooms and are metres from the waterfront and the Sydney Harbour Bridge, with views to the Opera House.
Investors picked up the remaining properties. A block of a four two-bedroom apartments at 10-12a High Street sold for $5.3 million, and terrace properties at 30-32A High Street sold for $5 million and 47 Windmill Street for $2.1 million.
Property NSW has conducted the Millers Point Sales Program on behalf of Family and Community Services since 2014. It has now yielded around $545 million from 176 properties in the Millers Point, Dawes Point and the Rocks region to be put forward to new social housing projects.
The program is expected to yield around 1,100 were social housing dwellings, positioned across Sydney suburbs including Liverpool, Parramatta, Sutherland and Fairfield, as well as the Illawarra and the state’s North Coast.
The NSW government owned 293 properties throughout the designated program area, once dense with commission housing, with 214 of those heritage listed and many in need of refurbishment.
Late last year the program saw the state’s first residential apartment building, the Stevens Building of 11 apartments at 73 Windmill Street, sell under the hammer for $10.8 million, immediately after the nearby terrace duplexes at 74-80a High Street sold for $9.8 million.
That followed another $22.89 million fetched for the program from the sale of seven terraces, including a circa-1826 Colonial Georgian terrace at 46-48 Argyle Place for $6.3 million, and a block of four two-bedroom apartments at 70-72 High Street for $5.10 million.
In August it completed selling off 13-loft style apartments along nearby Gloucester Street for a combined $21.9 million.
It was revealed in September the NSW government has a property sales pipeline of more than $1 billion, which would take its return from the divestment of 20,000 properties since taking office in 2011 to more than $10 billion.
Social housing sites have accounted for more than 4,000 of those, including those part of the Millers Point Sales Program, as well as nearly 400 Department of Education properties.
Australian Property Journal
