NSW government to sell iconic heritage Sydney buildings to foreign investors

Alistair WalshDecember 7, 2020

The New South Wales Government is trying to sell two neighbouring iconic sandstone Sydney buildings to foreign investors for use as hotels or apartments.

In October it will list the Department of Lands building bounded by Bridge Street, Bent Street, Loftus Street and Gresham Street; and Department of Education building bounded by Bridge Street, Loftus Street, Farrer Place and Young Street, the Australian Financial Review reports.

It will reportedly market the properties to more than 100 local and offshore investors at a tourism event tonight.

The Lands building could sell more up to $80 million.

They are being offered for sale separately but marketing for the project suggests it could be developed into one precinct.

Barry O’Farrell said he sees tourism as one of the main kick-starters of the state’s economy.

“If we want to maintain and grow our market share, we need to ensure NSW has the tourism infrastructure in place including that Sydney is home to some of the best hotels in the world,” he told The Australian Financial Review.

The Lands Department building was built in the late 19th century and home to bureaucrats. It may be leased back to the government for a year.

The Education building was built between 1912 and 1930 and may be leased back to the government until June 2016 with a possible two year extension.

Alistair Walsh

Deutsche Welle online reporter

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