Property NSW offers long-term lease sale of heritage office building on The Rocks

Property NSW has announced the lease sale of a heritage-listed commercial property in The Rocks with the funds to be utilised to improve the Sydney Harbour foreshore.

The 16-18 Grosvenor St property, formerly known as the Housing Board Building, is listed on the State Heritage Register. It was built in 1921 to house the Resumed Properties Department which was responsible for the resumption of land for the Department of Lands and played a major part in reshaping The Rocks and Millers Point.

It would be sold through a tender closing on November 8 and is being offered via a 99-year lease.

“The Rocks and Darling Harbour are two of the State’s most popular tourism precincts and we must continue to invest in them to ensure the visitor experience exceeds expectations,” said Brett Newman, CEO of Property NSW.

In 2015, the NSW government said that proceeds from the divestment of some select government-owned assets in The Rocks would be allocated to the Restart NSW fund, with at least $200 million reserved for the Circular Quay ferry wharf upgrade. 

“New developments along the Harbour foreshore must be complemented by ongoing investment to maintain and conserve our existing assets,” Newman said.

“The sale via long-term lease will deliver immediate funding to invest in our precincts while ensuring the property remains in government hands and is subject to heritage protections.”

The property has a Conservation Management Plan endorsed by the Heritage Council of NSW to guide any purchaser’s plans for the property.  

The listing agents are Mitch Noonan and Harry George from CBRE.