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First property sold in Millers Point

Last published on 21 Aug 2014 in Media releases / Archive

Minister for Family and Community Services, Gabrielle Upton, and Minister for Finance and Services, Dominic Perrottet, have announced the first government-owned property at Millers Point was tonight sold at auction for $1.911million.

Minister for Family and Community Services, Gabrielle Upton, and Minister for Finance and Services, Dominic Perrottet, have announced the first government-owned property at Millers Point was tonight sold at auction for $1.911million.

“For every Millers Point property that is sold, we can build three modern properties that are more accessible and comfortable,” Ms Upton said.

“The sales are a win for the 58,000 households on the waiting list for public housing because it helps make the social housing system more sustainable and will help get new properties in the system sooner.”

Mr Perrottet said, “The first property to go under the hammer, 119 Kent Street, received significant buyer interest with more than 200 groups inspecting the four bedroom property in the first two weeks of its listing.

“There were also more than 1500 enquiries received through the real estate agent’s website and more than 50 pre-auction contracts were issued for this property.

“This initial sale is an excellent test for the market and proves that there is a real desire to see this historic precinct restored and thriving once again.”

Ms Upton said the sales of properties in Millers Point would help to fund social housing across NSW.

“This auction is a historic first step in a process that will help make the social housing system more sustainable. The proceeds of every sale will go straight back into providing more properties and better maintenance.

“Many of these properties are not fit for social housing and are a drain on the public purse to maintain.”

Mr Perrottet said the sale of properties in the precinct was an opportunity to preserve and restore some of Sydney’s early heritage.

“Properties in Millers Point are some of the oldest residential buildings in the state and the country, he said.

For this reason, each property is being marketed and sold with individual conservation management plans in place, endorsed by the Heritage Council of NSW.

“As part of the restoration of the area, private buyers will spend in the precinct, creating greater opportunities for local retailers, businesses and tradespeople.”

There are currently five other properties on the market as part of the Government’s first tranche of sales in the Millers Point precinct.

The properties are being marketed by private agents on behalf of the NSW Government.

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