Heritage listed Darling House, Millers Point sold for $7.7 million

Heritage listed Darling House, Millers Point sold for $7.7 million
Heritage listed Darling House, Millers Point sold for $7.7 million

The heritage listed former aged care facility, Darling House at Millers Point fetched $7.7 million at auction taking the proceeds for the NSW Government to over $120 million.

Another 10 offerings were sold. Other sales included a terrace at 60 Argyle Place, built in 1845, which sold for just short of $3.2 million, and an 1885 four-storey terrace on Lower Fort Street sold at $3.125 million.

The Darling House property is the latest, and most expensive freestanding offering, from the 50 houses that have been offloaded so far by the government.

Most have been Georgian terraces row houses. Some 293 government-owned properties in Millers Point and The Rocks, are set for sale after Treasury estimated it would cost up to $100 million to restore and maintain them.

Darling House sold through McGrath agent Richard Shalhoub inconjunction with Savills International.

The first sale in August 2014 saw a four storey terrace on Kent Street sold for $1.91 million, which got flipped 10 months later for $2.52 million.

The cheapest sale came in September when a two bedroom property on Kent Street sold for $1.55 million.

The record single terrace sale was on Lower Fort Street, where the five bedroom, 1879 Pointview in Milton Terrace fetched $6.67 million in December last year.

The Darling House sale set the benchmark for a freestanding home in the government selloff.

The previous freestanding record in the government sales saw the 1830's freestanding heritage listed Grimes Cottage on 410 sqm sell last year for $4.23 million.

The proceeds of the sell off of former social housing historic terraces is being directed towards new housing estates in outer Sydney suburbs

Shayne Harris and Robert Lowe of Savills marketed Darling House as having five more bedrooms and bathrooms than Grimes cottage.

Set on 760 sqm, the early 1840's home, with 1990s extension, had a price guide of $5.5 million to $6 million.

It was formerly known as the Rocks Cottage Type Hospital, the standalone house offers 10 bedrooms, 10 ensuite bathrooms and picturesque gardens in a quiet enclave.

It has a sandstone façade, a cantilevered Victorian verandah, a large entertainers deck and a separate office.

McGrath was appointed by Government Property NSW in January as the exclusive agent to market the sale of up to 50 terrace properties at Millers Point by June 30, 2016.

The next tranche of 12 Millers Point properties go to market through McGrath.

McGrath Edgecliff sales agent, Richard Shalhoub, said overall it was a very successful night with all 11 properties selling.

"I believe the results are reflective of the continued strength of the Millers Point market.

"There was healthy bidding on the majority of properties with an overall consistent flow of buyer activity.

"The sales were diverse in both price and style of property which catered to a wide buyer market looking to purchase in Millers Point," said Mr Shalhoub.

The 10 other Millers Point properties were auctioned with the following results:

20 & 22 Kent Street: Neighbouring two and three bedroom residences, sold for $1.985 million and $1.78 million respectively.

28 Kent Street: The four bedroom two storey terrace sold for $2.46m million.

46 Kent Street: Known as ‘Chelsea House’, this five bedroom, two storey terrace sold for $2.525 million.

38 Argyle Place: A four bedroom residence, sold for $2.92 million.

40 Argyle Place: A three bedroom terrace, sold for $2.75 million.

60 Argyle Place: A wide three bedroom terrace, sold for $3.175 million.

51 Lower Fort Street: Known as ‘Wendovir’, this four bedroom property sold for $3.125 million.

63 Lower Fort Street: The three bedroom residence in Vermont Terrace sold for $2.555 million.

71 Lower Fort Street: A three bedroom two storey residence, sold for $2.56 million.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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