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A luxury apartment in Sydney’s tightly held The Rocks precinct has hit the market with a $9.25 million guide price, after being seized by the Australian government under proceeds of crime legislation.
The sub-penthouse at 702/85 Harrington Street was forfeited as part of Operation Cabestro, an Australian Federal Police-led investigation into large-scale excise fraud involving the importation of alcohol.
The property, last traded in 2019 for $14 million, is being marketed by Highland Double Bay’s Daniel Baran ahead of an August auction. The government has assessed $9.25 million as a fair sale price.
“This is another rare opportunity to secure a prestige asset in one of Sydney’s most historically significant and supply-constrained precincts,” said Baran.
Comprising three bedrooms and a media room that can serve as a fourth bedroom, the apartment features a large master suite with an ensuite.
It follows the earlier sale of the building’s penthouse – also seized under Operation Cabestro – which fetched $15 million earlier this year and offered sweeping views of Sydney Harbour.
Baran said the penthouse sale confirmed strong buyer appetite at the top end of the market.
“The penthouse sale confirmed strong buyer appetite at the top end, particularly for well-located, high-calibre stock with real scarcity value. We expect 702 to follow suit.”
The Rocks’ scarcity of premium housing stock continues to underpin long-term value in the area, Baran said.
“This isn’t just about luxury, it’s about irreplaceable real estate in a location that rarely moves,” he explained.
“We’re seeing that high-end buyers are ready to act decisively when the right property comes available, especially in tightly held enclaves like The Rocks, where genuine scarcity underpins long-term value.”
Under Australia’s proceeds of crime framework, assets seized during criminal investigations are sold with profits redirected into crime prevention and community initiatives.
Following the earlier penthouse sale, AFP Detective Superintendent Scott Raven said the work of the Criminal Assets Confiscation Taskforce (CACT) plays a key role in disrupting organised crime.
“Money remains the lifeblood of organised crime, and disrupting the flow of ill-gotten finances helps prevent further harm to the community by cutting off revenue and motivation,” Raven said.
“It is rewarding that funds forfeited through the CACT’s work are redirected to programs which benefit the community.
“With our expert, nationwide teams – comprising police, financial investigators, forensic accountants, litigation lawyers, and partner agency specialists – we will continue to relentlessly pursue and seize the assets of those who try to operate outside the law.”
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