This article is from the Australian Property Journal archive
THE New South Wales government has pocketed over $40 million from the sale of several properties including an apartment development site at Lane Cove North for $21.1 million.
The government sold two vacant residential development sites on Sydney’s North Shore with the potential to deliver around 100 new dwellings.
The first sale is of a high density residential development site at 2 Burley St Lane Cove North for $21.1 million.
Furthermore, seven lots in Kerela Avenue, Muttama St and The Broadway Wahroonga were sold in one line for $4.05 million.
Negotiations are currently underway with potential buyers for a medium density residential development site at 460 Willoughby Rd Willoughby. The properties were marketed for sale by Knight Frank.
The government also sold:
– 18-20 Munn St Millers Point for $5.5 million
– 18 Kent St for $2.475 million
– 32 and 34 Merriman St for $2.65 million and $2.4 million respectively
– 34 and 38 Kent St for $2.15 million and $2.025 million respectively.
Government Property NSW CEO Brett Newman said the sales are yet another example of the government extracting value out of latent property assets and reinvesting the capital into better services.
To date there have been 39 government-owned properties sold in Millers Point, raising more than $92 million for much-needed social housing across the state.
Australian Property Journal
