Five Millers Point properties sold off for $25 million by NSW government

Five Millers Point properties sold off for $25 million by NSW government
Five Millers Point properties sold off for $25 million by NSW government

Five more Millers Point properties have been sold by Property NSW for a total of $25.5 million as the government raises funds for its social housing programme.

The five properties listed by Property NSW on behalf of Family and Community Services were sold via an expressions of interest campaign. 

Each property contains four two-bedroom apartments and are located on High Street, with the highest winning bid being for $5.31 million.

They are:

  • 38-40A High Street - sold for $5.31 million (above)
  • 50-52A High Street- sold for $5.10 million
  • 58-60A High Street- sold for $4.9 million
  • 62-64A High Street - sold for $5.0 million
  • 66 -68A High Street- sold for $5.19 million

The selling agents were Andrew Stewart and Peter Starr of McGrath.

The sale of these properties marks the commencement of the 2017 Millers Point sales programme, the proceeds of which will contribute to the funding of 1,500 new social housing dwellings across the state, said a media release.

A total of 130 Millers Point properties have been sold to date for about $370 million. 

The biggest sale among the sandstone offerings came at the start of last year when Darling House fetched $7.7 million at auction.

Formerly known as the Rocks Cottage Type Hospital, the standalone house offers 10 bedrooms.

The properties are accompanied by strict heritage protections; including NSW Heritage Council-endorsed Conservation Management Plans.

McGrath Estate Agency founder John McGrath has repeatedly pinpointed the area around The Rocks as a wise investment.

"As a shift in the housing stock moves from Government owned to private dwelling there is bound to be a massive upgrade to these beautiful harbourside Georgian and Victorian homes," McGrath said.

"Plus a significant change in local amenity that usually follows such upgrades.

"With the recently opened Barangaroo Point park, a 5 minute walk to the CBD & Barangaroo commercial precinct, this is fast becoming one of the most fashionable addresses in Sydney."

Property NSW, on behalf of Family and Community Services, has recently listed a further five properties for sale in Millers Point, including a block of seven apartments and adjoining terraces.

One of the five properties is a pair of adjoining terraces located at 26-28 Fort Street, a short walk from Dawes Point, The Rocks and Walsh Bay.

These terraces, with views of Sydney Harbour Bridge, are currently configured as seven one-bedroom apartments and feature a private rear garden and outdoor entertainment space.

The terraces will be sold via auction by Ray White Real Estate on Friday 7 April.

Also listed is the heritage-listed former Hit or Miss Hotel at 69 Windmill Street.

The renowned local pub was licensed from 1852 until 1923.

It later operated as a migrant hostel, before it was remodeled into five apartments in the 1930s.

The apartments which comprise the building will be sold as a single property.

The other three Millers Point properties listed for sale include:

  • 1 Windmill Street – three bedroom corner terrace with harbour views 

  • 14-16 Trinity Avenue – two terraces (to be sold as a single property) 

  • 52 Kent Street – three bedroom terrace plus study 


The above four properties will be sold via auction through McGrath Estate Agents on Wednesday 5 April. 


A total of 130 Millers Point properties have been sold to date, delivering circa $347 million for reinvestment in social housing. 


All purchasers of properties in the Millers Point sales program must adhere to NSW Heritage Council-endorsed Conservation Management Plans, which detail heritage maintenance obligations and the works permitted on the properties. 


For more details please visit www.rediscovermillerspoint.com.au. 


Tags: 
Social Housing Millers Point, Sydney

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