Sydney’s Millers Point loaded with historic charm and character

This Sydney harbourside enclave is loaded with character.

The restored 1830s terrace home at 31 Lower Fort Street in Sydney’s Millers Point.

Inner-city Millers Point was a hit suburb several years ago when the NSW government started offloading hundreds of sandstone terraces and cottages that once were home to public housing tenants.

In the interim, owners including high-profile chief executives, federal court judges and investment bankers have flocked to the precinct and renovated their historic houses.

Now some properties are hitting the market at double their purchase prices.

Despite the COVID-19 pandemic, more than $40m worth of real estate in Millers Point, just off the Sydney CBD, has sold through McGrath since March including more than $24m worth of terraces.

“Within Millers Point we have sold eight terraces in this period,” McGrath Millers Point agent Richard Shalhoub says, adding that six of the eight terraces were sold off market to buyers from McGrath’s database.

The restored terrace is positioned near the southern pylon of the Harbour Bridge and offers harbour views from the front and rear of the home.

“We have sold to a mix of owner-occupiers and investors, with three of our recent sales selling sight unseen to buyers living offshore, specifically Hong Kong.”

Between $5m and $5.5m is expected for a restored 1830s three-bedroom, two-bathroom colonial regency terrace that hit the market on Friday.

The 31 Lower Fort Street terrace is being sold by Jo Ross, an audio director at the Nine Network, and her partner Simon Benkovich, both of whom have historical family links to the area.

“We fell in love with the property at first sight. For us it was a once-in-a-lifetime opportunity to live in such a historic house,” Ross says.

“After 10 years, times change, and we are ready for a new chapter and just hope that the next owners will love it as much as we have.”

The restored terrace is for sale through Shalhoub and his co-agent, McGrath Millers Point agent Andrew Stewart.

Stewart says 31 Lower Fort Street is positioned near the southern pylon of the Harbour Bridge and offers harbour views from the front and rear of the home.

The restored terrace home at 31 Lower Ford St in Sydney’s Millers Point.

It has a wide street frontage of more than 7.5m, and the terrace has 3.6m-high ceilings.

McGrath recently has sold several properties in Millers Point including 30 Merriman Street, a three-bedroom, one-bathroom Georgian terrace, which went for $3.45m sight unseen to a dual citizen Hong Kong buyer. The vendor was Arclight Films boss Gary Hamilton.

Goldman Sachs former chairman Stephen Fitzgerald and his wife, Julie, paid $6.25m for an 1850s Georgian terrace in Millers Point last year. They bought the property from Paris Neilsen through McGrath Millers Point.

Nearby, two heritage-listed strata commercial retail spaces sold last month in another off-market deal through McGrath.

“The properties were sold together for a combined value of $4.2m to an Australian expat investor, currently residing in Hong Kong, due to his confidence in the medium to long-term prospects of Australian property in general and Millers Point specifically,” Shalhoub says.

“Our success in selling off-market in Millers Point is due to the fact we’ve collectively sold most properties that have traded in the precinct over the years including those during the government’s selling program.

“COVID-19 has certainly presented many challenges in the real estate markets and the CBD has not been immune to this. In general, the prices in the CBD have adjusted, and buyers are price and product selective right now. However, the one market which has stood out is that of the Millers Point terraces.”

Much of the appeal of Millers Point stems from its great village feel within footsteps of the harbour foreshore, coupled with the charm and character of the homes, which are so rich in heritage.

Stewart says much of Millers Point appeal stems from its great village feel within footsteps of the harbour foreshore, coupled with the charm and character of the homes, which are so rich in heritage. “Millers Point is evolving into one of the most prestigious precincts in the country,” Stewart says, and adds that there are only 160 terraces houses in the suburb.

Shalhoub says he reckons Millers Point is still at a reasonable price point compared with similar terrace homes in other Australian capital cities and in the US and Britain.

“It has strong prospects for long-term capital appreciation,” he says.

A Georgian-style sandstone terrace fronting 123 Kent Street, with a price guide of $4.5m, has just been listed through Ayre Real Estate. The property is being offered via private treaty.

It last sold for $2.5m in 2016, before its restoration.

Ayre Real Estate director Craig Donohue says the property, which has four bedrooms and two bathrooms, features solid sandstone throughout and is comprehensively restored.

“This is one of the oldest and most significant terrace homes in Sydney,” Donohue says. “The premium renovations boast a meticulous attention to detail, making it perfectly tailored to a young family or professional living.”

The vendors are Cellarmasters chief executive Ben Copeman-Hill and his wife, Ciara.