State pockets $370m from terraces

The NSW government has pocketed about $370 million from the sale of housing commission terraces at Millers Point.

The terraces in Millers Point in the Sydney CBD

The NSW government has pocketed about $370 million from its controversial sale of housing commission terraces at Millers Point on the edge of the Sydney CBD.

Local, interstate and international investors swooped on five blocks in High Street, each with four two-bedroom apartments, following an expression of interest campaign which closed earlier this month through McGrath agent, Andrew Stewart.

Sale prices ranged from $4.9m to $5.31m.

McGrath said the terrace that fetched the highest price was on the end of the row and was attractive because it had more light, and many original features had been retained.

The agency would not say how much was needed to restore the apartments but believes a basic renovation would see each terrace produce at least $750 a week in rent.

The NSW government has appointed McGrath to sell another four Millers Point terraces including a seven-bedroom Italianate residence at 69 Windmill Street that has price expectations of up to $3.5 million.

Once known as the “Hit & Miss” Hotel, the property was converted to residential apartments in 1930. The 7m-wide property with 4m-high pressed metal ceilings with Harbour Bridge views has the potential to be converted into a grand mansion.

At 14-16 Trinity Avenue, McGrath will auction two circa 1890 mansions in one line. The price expectation is up to $3.3m for the adjoining terraces. Both have similar layouts featuring two bedrooms and full bathrooms.

A north-facing 1907-built terrace at 1 Windmill Street is expected to fetch up to $2.2 million, as is an 1874 Victorian period terrace fronting 52 Kent Street.

McGrath will auction the four separate parcels on April 5.

The NSW Government says the funds will go to develop 1500 new social housing dwellings.