Millers Point is now home to the super rich and its transformation is about to begin
Millers Point used to be the hovel of the ‘have nots’ but after the NSW government’s sale of 184 properties on the doorstep of Barangaroo, the area has transformed into a dream suburb for the super rich.
NSW
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They used to be the hovels of the ‘have nots’, but are now being converted into the dream homes of the super rich.
Built in 1840 and looking every bit their age, these adjoining terraces on Dalgety Rd, Millers Point, were sold by the NSW Government to resource industry financier and former gold investor Richard Kovacs for almost $10 million.
They illustrate the changing face of the now sought after Harbourside suburb where government owned terraces and cottages, once reserved for the working class, are now being sold for millions to society’s elite.
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As of August, the NSW Government has sold off 184 properties in the area on the doorstep of Barangaroo, raising a total of $591 million with prices ranging from $1 million to more than $10 million.
The transformation of Mr Kovacs’ property is now set to be complete, after he had an appeal fall in his favour in the NSW Land and Environment Court on December 20 to get to work on a renovation of his new properties.
Mr Kovacs declined to comment on Friday.
Despite the renovation approval, the terraces are still subject to significant heritage restrictions. The approval was granted on the proviso that a long list of conditions from the Heritage Council of NSW were met.
One of the conditions was the “deletion” of a “roof skylight” and that a “dumb waiter” could only be installed in the basement and ground floor.
And the works will not be cheap, according to the list of Heritage Council conditions.
Mr Kovacs will have to call in “specialist tradespersons” who have “practical experience in conservation and restoration of similar heritage items”.
His redevelopment will also be overseen by a heritage consultant who will advise on the design and inspect the works.
The original interiors, including doors and frames, will also have to be salvaged and used as part of the redevelopment or “stored on site to allow future reinstatement”.
And Mr Kovacs will only be able to remove such interiors if they have been proven to be “beyond repair”. But even in that case, the Heritage Council said “like for like patch replacement” should be carried out.
Originally published as Millers Point is now home to the super rich and its transformation is about to begin
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