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McGrath sells first 2018 public housing tranche for $17m

McGrath sells first 2018 public housing tranche for $17m

McGrath sells first 2018 public housing tranche for $17 million
by Eliot Hastie 0 comments

McGrath Estate Agents has sold its first 2018 tranche of government-owned Millers Point properties for $17.97 million.

The sale was of four properties including one historic block of four apartments at 10-12a High Street, which sold for $5.3 million, and a large historical c1833 terrace on Lower Fort Street, which sold for $5.575 million.

McGrath has maintained its 100 per cent clearance rate in the Millers Point Sales Program and has sold more than 150 properties since August 2014 totalling over $469 million in sales.

McGrath Edgecliff agent Lorraine Crawford was positive about the sale and said that buyer interest in the area was still going strong.

“Overall, the campaign was very successful and generated healthy interest, with more than 20 buyers attending [the] auction,” Ms Crawford said. “With properties previously sold progressively being restored and owners now moving in, the Millers Point precinct is developing a real sense of community.

“With only a small number of NSW government properties remaining unsold, I anticipate buyer interest will continue to be strong.”

McGrath founder and executive director John McGrath previously told REB that the Millers Point program had added value to the Sydney property landscape.

“Millers Point is fast becoming Sydney’s most desirable address and will continue to rise in value from here into the future,” the founder said.

“With Barangaroo, Sydney Harbour and the CBD as its neighbours, plus the Sydney Theatre Company and Opera House in the background, it now sits among the best address in the world.”

In all, approximately 290 NSW government-owned properties in Millers Point are to be sold, according to Property NSW, which will be managing the process on behalf of Family and Community Services (FACS).

The entity said that the proceeds are reinvested into the supply of more than 1,500 new social housing dwellings across Sydney and regional NSW.

“More than $526 million has been raised from the sale of 172 NSW government-owned properties,” Property NSW said on its website.

“The highest-value single property sold to date [is] a block of 12 one-bedroom apartments which sold for $12.3 million.”

The latest tranche was marketed by Lorraine Crawford, Peter Starr and Andrew Stewart of McGrath Edgecliff.

McGrath sells first 2018 public housing tranche for $17m
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