This article is from the Australian Property Journal archive
THE historic Longs Lane Terraces in Sydney’s The Rocks have sold for $36.25 million, to partners NashCap and Assembly Funds Management.
The 2,459sqm 99-year leasehold land, including the313sqm of Public Domain Areas, will be redeveloped by the buyers in a manner that is respectful to the site’s historic character.
The land comprises 17 heritage residential dwellings, as well as a commercial bed and breakfast, fronting Cumberland and Gloucester Streets Longs and Carahers Lanes, on a single land title.
Stuart Cox, Neil Cooke, Jonathon Broome, Andy Hu and Jordan Lee from Savills managed the sale, which includes a 30 day settlement, on behalf of Property & Development NSW.
14 of the 18 structures on the site are listed on the State Heritage Register, with the buildings having ties to either the Early Victorian or Edwardian architectural era.
While all of the properties have either been preserved as they were originally built between 1822 and 1992 or restored and refurbished.
“Whether you’re a tourist or a local resident, The Rocks encapsulates an incredibly unique atmosphere with a character not found elsewhere,” said Cox, director of residential site sales at Savills Australia.
Longs Lane Terraces sits only five minutes by foot from the foreshore of the harbour and Sydney’s most iconic landmarks.
“The Sydney CBD is ever evolving and continues to lead the way as a forward thinking international city and the historical Rocks precinct is an extension of that,” added Cox.
