Millers Point property fetches $7.22 million at auction
A Millers Point property comprising eight one-bedroom apartments has sold at auction for $7.22 million, boosting the NSW government's efforts to provide social housing through the sale of heritage-listed properties.
The property at 85-87 Kent Street was sold on behalf of the Department of Family and Community Services, and takes the total amount raised from Millers Point sales to $189.95 million.
In February, a heritage-listed former aged care facility, Darling House at Millers Point fetched a record $7.7 million at auction.
Selling agent Richard Shalhoub of McGrath said the 85-87 Kent Street property was bought by a private investor.
“This was a rare opportunity to purchase a block of 8 x 1 bedroom apartments in the Millers Point Precinct with the opportunity to upgrade the apartments for a healthy rental yield," said Shalhoub.
It is a three-storey 19th century terrace with an additional contemporary infill building erected in 2000.
The two buildings were internally altered to create one building and were sold as a block.
The property remains subject to a Conservation Management Plan, endorsed by the NSW Heritage Council, providing buyers with instructions on preserving and maintaining the heritage components of the property.
Conservation Management Plans endorsed by the NSW Heritage Council are included in contracts for sale for all heritage-listed properties in Millers Point.
Proceeds from sales in the Millers Point precinct will fund 1,500 new social housing dwellings across the state, with 590 new fit-for-purpose social housing dwellings funded to date.