This article is from the Australian Property Journal archive
THE first residential apartment building constructed in New South Wales has been put on the market by Property NSW, on behalf of Family and Community Services, as part of the state’s ongoing Millers Point program.
Known as Stevens Building, the architecturally significant block of 11 apartments at 73 Windmill Street in Millers Point will be auctioned in one line alongside the 74-80a High Street terrace duplexes nearby, both part of the historic Millers Point Conservation Area.
Stevens Building features nine one-bedroom and two two-bedroom apartments with views of Sydney Harbour Bridge, North Sydney, Observatory Hill and Garrison Church, on a 1,802.2 sqm site. It was designed by architect Joseph Alexander Kethal.
The offering comes just a few months after Property NSW completed the divestment of 13-loft style apartments along nearby Gloucester Street for a combined $21.9 million as part of the Millers Point sales program on behalf of Family and Community Services.
As of August, Millers Point program sales tallied 233 bringing $448.6million to fund social housing. The state expects total return from the program to be in the vicinity of $500 million, with state-owned properties in Millers Point, Dawes Point and The Rocks being sold off.
The NSW Government owned 293 properties throughout the designated program area when it was announced in 2014, with 214 of those heritage listed.
More than 1,000 social housing dwellings have been completed or are under construction of the projected total of 1,500 to be derived from the program. They are positioned across a number of Sydney locations, including Liverpool, Parramatta, Sutherland and Fairfield, as well as the Illawarra and the state’s North Coast.
Savills’ Robert Lowe and Sotheby’s Richard Shalhoub are marketing the property.
Shalhoub said there is potential to transform the 1900’s Stevens Buildings into luxurious residences, prominently situated in one of the most coveted streets in Millers Point.
“There is actually tremendous scope to restore and transform both assets which are zoned as R1 General Residential, which will provide housing needs for the community and maintain the existing land use pattern of predominately residential use and we expect interest from both local and offshore investors and developers,” he said.
The 74-80a High Street property has eight two-bedroom period terrace duplexes divided into two blocks, each of four apartments, on a 539.94 sqm island site.
The agents said there is “vast potential” to restore and transform the apartments to their original conditions, subject to Conservation Management Plan.
Lowe said the assets are prestigiously located within Millers Point, one of Sydney’s most sought after inner-city suburbs.
“Very rarely does an opportunity arise to purchase an entire row of residential apartments/ duplexes which comprise an island block in the case of 74-80a High Street, just moments from the Sydney Harbour foreshore and adjacent to Barangaroo.”
“This is a truly unique occasion for investors and developers alike to own a piece of Sydney’s rich heritage.”
It was revealed in September that the current NSW Government has a property sales pipeline of more than $1 billion, and would take its return from the divestment of 20,000 properties since taking office in 2011 to more than $10 billion.
Social housing sites accounted for more than 4,000 of those – including more than 200 in Millers Point, while 384 Department of Education properties have also been sold.
Australian Property Journal
