Millers Point Properties Sell for $3.4 Million

CEO of Government Property NSW, Brett Newman, today announced the sale of two government-owned properties at Millers Point for $3.425 million.

The 54 A&B Kent Street duplex, purpose built in 1989, sold for $1.81 million. The site comprises two one-bedroom apartments, each with a double bedroom, bathroom, living room and kitchen.

18 Trinity Avenue, a three bedroom terrace built in the late 1890s, sold for $1.615 million.

“Today’s sales bring the total number of Millers Point properties sold to 21, generating $46.6 million to fund social housing.”

The ongoing auctions in Millers Point are part of the NSW Government’s initiative to reinvest proceeds from the sales into the supply of more than 1,500 new social housing dwellings across Sydney and regional NSW.

The first batch of new housing is nearing completion in Condell Park, Padstow, Yagoona, Gymea, Lurnea, Chester Hill, Kingswood, Mount Warrigal, Beverly Hills, Warilla, Casula and Miranda.

A separate fund has been established for the Millers Point proceeds which enables full transparency about the sales and capital outlays on new dwellings.

“A Conservation Management Plan (CMP) is attached to each property to protect and guide purchasers’ plans for restoration, repairs and maintenance,” Mr Newman said.

“The historical integrity of the Millers Point precinct will continue to be carefully protected through these CMPs and the City Of Sydney’s local Environment Plan.”