Quick flip profits sought for 119 Kent Street, Millers Point former state government offering

From social housing to speculators.

The first government-sold heritage terrace at Millers Point that fetched $1,911,000 just 10 months ago is back for sale.

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The 1880s terrace was the first of scheduled 293 public housing properties to be sold off by Government Property NSW in August last year.

The then rundown four-bedroom heritage-listed home had been vacant since early 2011 with the last public housing tenant paying $77.20 a week rent at the property which has water views over Walsh Bay.

Jonathan Chancellor | 14 June 2015

The relisted 119 Kent Street, Millers Point home sits on a 109 sq m block with no parking.
The house has original fireplaces and floorboards, 3.25m high ceilings and a sandstone-walled sunlit courtyard.

It is marketed by Harriett France a Sotheby's as "recently refreshed with new kitchens and bathrooms - scope for further improvement."

Around $2.5 million is expected by the Sfeir family.

The controversial sell off, which has resulted in the relocation of public housing tenants, is tipped to set off a major gentrification in the historic suburb.

The state government has created a website to sell the virtues.

RESOURCED: http://www.propertyobserver.com.au/finding/residential-investment/investor-showcase/43409-quick-flick-sought-for-119-kent-street-millers-point-state-government-offering.html