NSW government raises $5.5 million through Millers Point property auction; eight more up for bidding

Government Property NSW has sold its 1910 Munn Street, Millers Point apartment for $5.5 million, and announced eight new property listings for auction, including a Victorian terrace at prestigious 1 Lower Fort Street.

The pre-auction price guidance was $4.5 million plus.

The auction was through Richard Shalhoub and Peter Starr of McGrath.

“Highly competitive bidding was always expected for the freehold block of four two-bedroom apartments on Munn Street, given its exceptional location,” said Government Property NSW chief executive Brett Newman.

The property is situated in one of the most sought after areas of Millers Point with panoramic views across Barangaroo and towards Balmain.

Its apartments were ranging from 83sqm to 104sqm in size.

To date 39 government-owned properties have sold in Millers Point, raising more than $92 million for social housing across the state.

Proceeds from the Millers Point auctions are being reinvested into building more than 1,500 social housing dwellings across Sydney and regional NSW.

Close to 100 new dwellings have already been built in Condell Park, Padstow, Yagoona, Gymea, Lurnea, Chester Hill, Kingswood, Mount Warrigal, Beverly Hills, Warilla, Casula and Miranda.

The upcoming 1 Lower Fort Street – a four storey Victorian terrace built in the late 1870s which forms part of Milton Terrace row - has been listed for December 3 auction.

“Milton Terrace is one of the few remaining intact grand Victorian terraces in inner Sydney, and was built to coincide with the staging of the International Exhibition in 1879,” Newman said.

Another seven properties, marketed by McGrath Estate Agents, are:

• Three residences in the Davies Terrace row built circa 1870: 28 Merriman Street (three bedrooms), 36 Merriman Street, (two bedrooms) and 38 Merriman Street (three bedrooms)
• 36 Kent Street, a three-bedroom terrace
• 55 Kent Street, a four-bedroom sandstone terrace
• 59 Kent Street, a three-bedroom end terrace in the Hexham Terrace row
• 71 Windmill Street, a four-bedroom terrace