Final batch of Millers Point properties sold in 2017
The final sales of the year in the Millers Point Property NSW government sell off brought in nearly $23 million last night.
The total, $22,901,000, was spread across seven properties (below). The biggest sale of the night was an 1820 Argyle Place landmark (above) that fetched $6.3 million. It had a $5 million to $5.5 million guide.
The selloff has now seen McGrath sell over $441 million worth of Millers Point properties since August 2014. They've had a 100 percent clearance rate across the 144 dwellings.
McGrath executive director John McGrath spoke on the continual strong results.
“Last night was a very strong result for the Millers Point portfolio which highlights how demand for high quality property continues, despite the residential market levelling off this year.
"Our 100% auction clearance rate to date is an amazing result and a testament to the hard work of the entire team.
“Millers Point is fast becoming Sydney’s most desirable address and will continue to rise in value from here into the future.
"With Barangaroo, Sydney Harbour and the CBD as its neighbours plus the Sydney Theatre Company and Opera House in its backyard, it now sits amongst the best addresses in the world.”
The properties were marketed by Lorraine Crawford, Peter Starr and Andrew Stewart of McGrath Edgecliff.
46-48 Argyle Place had healthy bidding from two buyers who appreciated the heritage significance and the potential for it to be a grand home with parking on a large block in the beautiful suburb of Millers Point.
Throughout 2017 McGrath sold 41 properties as part of the Millers Point Sales Program, comprising several blocks of units, terraces and apartments.
The highest price achieved this year was $26 Million in September for the historic Workers Dwellings in Millers Point.
The block compromised 33 apartments in four buildings and sold to a well-known property group. McGrath Edgecliff agent Peter Starr, who managed the sale, said the result demonstrated the ongoing confidence in the future of Millers Point and the long-term capital growth anticipated.
The properties were auctioned with the following results:
46-48 Argyle Place, Millers Point, NSW - Sale price: $6,300,000
70-72A High Street, Millers Point, NSW - Sale price: $5,100,000
125 Kent Street, Millers Point, NSW - Sale price: $3,030,000
88 Kent Street, Millers Point, NSW - Sale price: $2,780,000
61 Windmill Street, Millers Point, NSW - Sale price: $2,410,000
40 Merriman Street, Millers Point, NSW - Sale price: $1,606,000
42 Merriman Street, Millers Point, NSW - Sale price: $1,675,000