Millers Point’s final unit blocks sell for $8.675 million

The final unit blocks in Sydney’s Millers Point sold for $8.675 million at auction earlier this week to locally-based Chinese and Singaporean investors.

Sold as part of the state government’s controversial initiative to sell-off Millers Point social housing to finance new social housing construction in New South Wales, the properties at 27-29A and 31-33A Dalgety Street sold for $4.35 million and $4.325 million respectively.

Savills selling agents Robert Lowe and David Hickey said the campaign was “extremely competitive,” and attracted an even split of local and offshore interest.

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“Local and offshore investors were competing to acquire these blocks, which drove the prices up and contributed to a result well above the vendor’s expectation,” Mr Hickey said.

Mr Lowe described the properties as “blank canvasses”, and provided buyers the final opportunity to acquire unit blocks in the area, which sits on the north-western edge of Sydney’s CBD, close to Barangaroo’s waterfront precinct and planned Metro station.

“The run-down internal and external condition of the buildings attracted buyers looking for value-add prospects in Sydney’s inner-city suburbs,” he said.

Both blocks are comprised of four two-bedroom apartments and one enjoys harbour views.

The buyers are planning to “refurbish the properties, lease them out and wait for the next cycle to spike”, Mr Hickey said

Mr Lowe and Mr Hickey brokered the sales in conjunction with Sotheby’s Sydney’s Richard Shalhoub and Andrew Stewart.