This article is from the Australian Property Journal archive
THE New South Wales government has appointed John McGrath’s real estate agency to sell a large portfolio of residential properties worth in excess of $200 million.
McGrath Estate Agents have been appointed by Property NSW to sell 175 dwellings, including a combination of lofts and apartments, blocks of units and other residences.
Chief executive John McGrath said the company was excited to represent Property NSW in their sales program at Millers Point.
“We anticipate strong demand from a diverse section of owner-occupiers and investors who will be attracted to a rare offering within Sydney’s CBD. This area has evolved into a highly desirable precinct with its rich history and unique harbour front position in one of Australia’s iconic locations,” he added.
McGrath said the sales program is expected to commence in the second half of June 2016.
The properties will be marketed by Richard Shalhoub of McGrath Edgecliff, who will be supported by agents Peter Starr, Lorraine Crawford and Andrew Stewart.
This is the second large tender won by McGrath for Property NSW. In January this year, the company was appointed to market the sale of up to 50 terrace homes. A total of 31 homes have since been sold achieving $86,873,000. Ten terrace properties from the first tender will be auctioned on June 8, 2016 with a small number of vacant terrace properties remaining.
Property NSW CEO Brett Newman said the appointment of a single agent to undertake campaign marketing for a large number of properties of a similar target market delivers many benefits, including savings in advertising and marketing costs.
To date the government has sold 80 Millers Point properties, chalking up more than $218 million.
Australian Property Journal
