State Raises $33M From Glebe Sales
NSW Minister for Finance and Services Dominic Perrottet announced today 5,556 square metres of land in the inner-Sydney suburb of Glebe had been sold for $33 million.
“The sale of 357 Glebe Point Road is a significant win for government and for taxpayers,” Mr Perrottet said.
“Originally developed as a juvenile detention centre, the site in its current state is being used for an entirely different reason than what it was developed for.
“By divesting surplus or underutilised property assets the NSW Government is taking a responsible approach to property management, rather than being encumbered with costly maintenance and other expenses.
“Since 2012, more than $700 million has been raised through the rationalisation of property assets and the smarter negotiation of government leases by Government Property NSW.”
Mr Perrottet said the purchase of 357 Glebe Point Road presented a range of opportunities for the new owners.
“Featuring three street frontages and views over Blackwattle Bay, Sydney Harbour Bridge and the city skyline, the potential for new residential development on the site is huge,” he said. “Early analysis indicates the property could house up to 100 units if developed.”
“The site is situated close to major transport corridors, public transport and local businesses and the possibility of new accommodation in the area is great news for those looking for property near to the CBD.
“Our government is continuing to do all we can to create opportunities for home-buyers by boosting housing supply. And new homes mean an increase in employment options, particularly in the construction sector.”
Staff from Family and Community Services and the Department of Justice will remain onsite under a lease-back arrangement until suitable accommodation arrangements can be made. Funds from the sale of 357 Glebe Point Road will go towards sourcing new accommodation for Family and Community Services and Department of Justice.
Historic Bidura House, also situated on the premises, is currently leased and regardless of ownership of the overall site this historically important building will be retained.
The preservation of Bidura House is legislated as part of the City of Sydney’s local environment plan.