Grosvenor St property sells for $7.5m
The 99-year lease of a freestanding heritage-listed commercial property in The Rocks has sold for $7.5 million.
The long-term leasehold interest in the former Housing Board Building at 16-18 Grosvenor St was sold by CBRE, on behalf of Property NSW, following a formal tender process.
The property was built in 1921 to house the Resumed Properties Department, which played a major part in reshaping The Rocks and Millers Point.
The four-storey office building is listed on the State Heritage Register and has heritage protections in place, including a Conservation Management Plan endorsed by the Heritage Council of NSW.
CEO of Property NSW, Brett Newman, said the $7.5 million lease sale would help fund improvements to key public domain areas along the Sydney Harbour foreshore while also ensuring the property remained in Government hands.
“The proceeds from this successful transaction will contribute to the preservation and enhancement of the State’s key public domain areas in The Rocks and Darling Harbour,” he said.
“This includes plans for the renewal of Pyrmont Bridge, the Campbells Cove upgrade and the replacement of ageing ferry wharves at Cockle Bay.”
Proceeds from the divestment of some select government-owned assets in The Rocks will also be invested into the Restart NSW fund, with at least $200 million reserved for the Circular Quay ferry wharf upgrade.
The NSW Government is committed to divesting assets which are not core to service delivery and using the proceeds to fund better infrastructure and services.