Final sales at Millers Point reap $9 million
The last two remaining unit blocks at historic Millers Point in Sydney have sold to locally-based Chinese and Singaporean investors for a total of $8.675 million.
Located at 27-29A and 31-33A Dalgety Street, the two blocks on the north-western edge of Sydney’s CBD were part of the NSW government’s housing commission sale program, which has delivered about $600 million for investment in social housing.
The buyers paid $4.35 million for 27-29A Dalgety Street and $4.325 million for 31-33A Dalgety Street.
Selling agents David Hickey and Robert Lowe from Savills said the auction campaign had attracted both local and offshore investors.
Mr Lowe said the properties were considered blank canvases, providing buyers the last opportunity to acquire apartment blocks in Millers Point. The sites are close to Barangaroo and the city.
”The run-down internal and external condition of the buildings attracted buyers looking for value-add prospects in Sydney’s inner-city suburbs,” Mr Lowe said.
A range of business people have already snapped up properties in the area, including UBS head of property investment Tim Church, who owns a terrace at 7 Lower Fort Street and John Schembri from law firm Gilbert + Tobin’s bought 50 Argyle Street in 2015.
