Long-term lease sale to fund foreshore improvements

Property NSW today announced a heritage-listed commercial property in The Rocks will be offered to the market to help fund improvements to key public domain areas along the Sydney Harbour foreshore.

CEO of Property NSW, Brett Newman, said 16-18 Grosvenor St would be offered to the market via a 99-year lease.

“The Rocks and Darling Harbour are two of the State’s most popular tourism precincts and we must continue to invest in them to ensure the visitor experience exceeds expectations,” Mr Newman said.

In 2015, the NSW Government announced that proceeds from the divestment of some select government-owned assets in The Rocks would be allocated to the Restart NSW fund, with at least $200 million reserved for the Circular Quay ferry wharf upgrade. 

“New developments along the Harbour foreshore must be complemented by ongoing investment to maintain and conserve our existing assets,” Mr Newman said.

“The sale via long-term lease will deliver immediate funding to invest in our precincts while ensuring the property remains in Government hands and is subject to heritage protections.”

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. 

The Grosvenor St property, formerly known as the Housing Board Building, is listed on the State Heritage Register. It was built in 1921 to house the Resumed Properties Department which was responsible for the resumption of land for the Department of Lands and played a major part in reshaping The Rocks and Millers Point.

The property has a Conservation Management Plan endorsed by the Heritage Council of NSW to guide any purchaser’s plans for the property.  

The property will be sold through a tender process.

Long-term lease sale to fund foreshore improvements