Millers Point Properties Sell For $5.4 Million
CEO of Government Property NSW, Brett Newman, has announced the sale of three government-owned properties at Millers Point for $5.43 million.
“Strong market interest in Millers Point properties continues unabated, with potential buyers recognising the unique potential and historical significance of the precinct,” Mr Newman said.
“Yesterday’s sales of 32, 42 and 56 Kent Street bring the total number of Millers Point properties sold to 19, generating more than $43 million to fund social housing.”
The ongoing auctions in Millers Point and The Rocks are part of the NSW Government’s initiative to reinvest proceeds from the sales into the supply of over 1,500 new social housing dwellings across Sydney and regional NSW.
The first batch of new housing is nearing completion in Lurnea, Condell Park, Padstow, Warilla, Mount Warrigal, Chester Hill, Yagoona, Gymea, Kingswood, Casula, Beverly Hills and Miranda.
A separate bank account had been established for the Millers Point proceeds which enables full transparency about the sales and capital outlays on new dwellings.
32 Kent Street is the first in a row of five terraces built in1870 and retains many of its original features, including the fireplace surrounds, timber stairs and balustrade. The property sold for $1.55 million.
The terrace at 42 Kent Street, built in1873 and featuring harbour views and a private courtyard, sold for $2.2 million.
56 Kent Street, constructed in 1876 and part of a row of four houses, sold for $1.68 million.
Mr Newman said three more Millers Point properties – 18 Trinity Avenue, 34 Kent Street and 54 A&B Kent Street – also entered the market today.
“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.”