Millers Point speculator profits from initial government sell-off

Millers Point speculator profits from initial government sell-off
Millers Point speculator profits from initial government sell-off

From social housing to successful property speculators. 

The first government-sold heritage terrace at Millers Point that fetched $1,911,000 just 10 months ago has been sold for around $650,000 more.

The 1880s terrace was the first of scheduled 293 public housing properties to be sold off by Government Property NSW in August last year.

In between some very ordinary renovations were undertaken, with some argy-bargy with council who were rightfully concerned to ensure the best for the precinct.

The then rundown four-bedroom heritage-listed home had been vacant since early 2011 with the last public housing tenant paying $77.20 a week rent at the property which has water views over Walsh Bay.

The resold 119 Kent Street, Millers Point home sits on a 109 sq m block with no parking.

The house has original fireplaces and floorboards, 3.25m high ceilings and a sandstone-walled sunlit courtyard.

It was marketed by Harriett France a Sotheby's as "recently refreshed with new kitchens and bathrooms - scope for further improvement."

Around $2.5 million was expected by the Sfeir family, but with the sale price withheld from publication.

The controversial sell off, which has resulted in the relocation of public housing tenants, is tipped to set off a major gentrification in the historic suburb.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Government Sale

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