Sirius at Millers Point sells through Savills

Sirius at Millers Point sells through Savills
Sirius at Millers Point sells through Savills

The vacated Sirius social housing apartment complex in Millers Point has been sold for $150 million by the NSW government.

The buyers are planning to ­refurbish rather than demolish the 11-storey Brutalist building which will become 89 luxury apartments after its sale by Savills.

It has been bought by a company directed by Jean-Dominique Huynh, a 35-year-old Vaucluse-based businessman associated with the gold and copper mining investment company JDH Capital.

Built in the 1970s to a design by architect Tao Gofers, its last social housing residents moved out over a year ago.

Housing Minister Melinda Pavey said the sale proceeds would fund more social housing.

“This is expected to provide housing for around 630 people, helping the most vulnerable members of our community,” she said.

Sales of 189 dwellings in neighbouring Millers Point since 2014 have delivered more than $750 million for more than 1500 new residential units.

The buyers are planning to refurbish the brutalist building into 89 apartments.

Sirius at Millers Point sells through Savills

Melinda Pavey, Minister for Water, Property and Housing, said proceeds were expected to provide housing for around 630 people.

“There are around 55,000 people on the social housing waiting list. The sale of the 189 dwellings in neighbouring Millers Point since 2014 have delivered more than $750 million for more than 1500 new residential units, with around 1300 already constructed.

“We have the largest social and affordable housing building program of any state or territory in Australia. These asset sales have meant we can create more than four new homes for every one sold.

The Sirius building opened in 1981 and had acted for social housing until January last year.

A prominent examaple of Brutalist architecture in Australia, Sirius houses 79 one, two, three and four bedroom apartments. Most apartments have harbour and city views, with the rooftop a 360 degree view across both.

Savills agents Simon Fenn, Stuart Cox, Neil Cooke and Michael Simpson were marketing the property through an international sales campaign with the opportunity for a variety of uses through the flexible zoning application to the 3,650 sqm site.

On its marketing launch, Savills NSW managing director Simon Fenn said this was a once in a lifetime opportunity.

“Sirius is positioned on some of the most valuable land in Australia and will certainly attract interest from around the globe, with a once in a lifetime opportunity to revitalise this prime site with a range of potential future scenarios including residential, commercial, hotel and retail or a mix of these.”

“Never before has a building with such unobstructed and striking harbour views within the heart of Sydney been offered to the market. A proposal like this is certainly one in a million,” he continued.

This article was first published in the Saturday Daily Telegraph.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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