Family to give $30m proceeds from sale of 20 inner-city terraces to charity
Two blocks of terrace houses – one in Surry Hills, the other in Camperdown – that have been held by the same family for more than 80 years have sold to two separate buyers at auction.
The properties – held by the same family and passed down through generations – hail from the days when multiple terraces in Sydney were bought on a single title.
They were being auctioned as part of a deceased estate, with proceeds after commissions to be directed to undisclosed charities.
The family wished to remain private. Both buyers were Sydney-based investors.
The 10 two-storey terraces at 7-25 Nobbs Street, Surry Hills, bought by the family in 1939, sold for $20.4 million, according to listing agent David Cradock, of Wiseberry Enmore.
The four-bedroom properties occupy a 1720-square-metre site, with 48 metres of frontage to Nobbs Street.
Mr Cradock said the Surry Hills site had appealed to investors and developers who wanted to make use of their large block size and upgrade the properties.
“There’s plenty of scope to extend out and up with garage of the back,” Mr Cradock said, adding that the terraces would be retained as part of any redevelopment.
Most of the terraces in both Camperdown and Surry Hills were tenanted, Mr Cradock said, and all had received minor renovations over the years.
The 10 two-storey, two-bedroom properties at 69-87 Fowler Street, Camperdown, sold for $9.7 million and sit on an 1100-square-metre site, with 36 metres of frontage to Fowler Street.
Combined, the properties sold for $30.1 million, which is understood to be $7.5 million more than their combined reserve.
All up 18 bidders competed for the two blocks, the likes of which rarely come on the market.
“To get something like these – most of these old terraces have been subdivided – so it’s very rare to get a row, particularly of 10, still intact,” Mr Cradock said.
“It’s a unique opportunity to value add and both properties are in really sought after locations.”
He said both buyers would probably subdivide the properties, either with the intention of selling them or increasing their overall value.
