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The next tranche of government-owned Millers Point properties in Sydney’s inner city are now offered for sale and will be marketed by McGrath Estate Agents, following the very successful earlier tranche which sold for $26 million.
This tranche covers a selection of seven residences and will be marketed by McGrath Edgecliff’s Lorraine Crawford, Peter Starr and Andrew Stewart.
Ms Crawford said that she is expecting the properties to attract a lot of attention from buyers.
“I anticipate strong interest, with 75 Windmill Street and 85 Lower Fort Street expected to be in very high demand," she said. "The two properties are standout residences and do not form part of a row of similar terraces."
Ms Crawford also said that there are a number of unique properties on offer.
“[One of them] is a three-level circa 1882 Victorian home, [while another] is a two-level circa 1832 Victorian terrace and one of a kind in the area,” she said.
McGrath also sold the earlier tranche of historically important workers dwellings in Millers Point for $26 million. It was made up of 33 apartments in four buildings originally built around 1910 by the Sydney Harbour Trust.
McGrath Edgecliff agent Peter Starr was the lead agent in those transactions.
“Interest in the buildings was very strong,” Mr Starr said, adding that throughout the campaign 141 groups had made enquiries.
“After six weeks of marketing, 10 parties made formal bids, which proved the process to be both competitive and very satisfying.
“The result demonstrates the ongoing confidence in the future of Millers Point and the long-term capital growth anticipated.”
Mr Starr said that the end purchasers are a well-known property group that have been rejuvenating apartment blocks throughout Sydney for more than 30 years.
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 $340 million was raised by the end of 2016 from the sale of 125 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.”
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