May 15th 2015
Three state-owned historic terraces at Millers Point have sold at auction for a total $6,715,000 and all for above their reserve prices.
The Georgian-style sandstone terraces were all bought by local buyers on Thursday night and were fiercely contested by about five groups vying for each property, according to a source in the room.
The sales take to 15 the number of former housing commission properties sold so far, generating $33.5 million for the state government.
The highest sale on Thursday was an 1855-era Georgian-style residence on 148 square metres that sold for $2.54 million. McGrath's Peter Starr had set a pre-auction guide was $2 million to $2.2 million.
The five-bedroom house was the most contested of all properties on the night likely because of its size, a 6.3-metre street frontage and it has right of way through a breezeway, the source said.
The property next door had the same pre-auction guide, but sold for $2.45 million. Set on 123 square metres, it had four bedrooms and two bathrooms.
Both adjoining homes have harbour views from the rear.
The surprise result of the night was the smaller 1860s-era terrace also on Kent Street that sold for $1,725,000.
Billed in the marketing as a "colonial treasure", the rundown three-bedroom property had a guide of $1.5 million to $1.6 million and was hoped to match the prices of the matching terrace next door in slightly better condition that sold in March for $1,624,000.
Despite the strong results McGrath's Richard Shalhoub has not changed his $4 million-plus guide on the prize of the Millers Point sell-off, a six-bedroom residence on Argyle Street.
The freestanding 1830s residence, called Grimes Cottage, is one of the oldest residential buildings in Sydney. It goes to auction next Thursday evening.
Chief executive of Government Property, Brett Newman, said in a statement: "A conservation management plan endorsed by the Heritage Council is attached to each property to protect and guide purchasers' plans for restoration, repairs and maintenance."
The sales are expected to fund new housing on Sydney's outer suburbs Lurnea, Condell Park, Padstow, Warilla, Mount Warrigal, Chester Hill, Yagoona, Gymea, Kingswood, Casula, Beverly Hills and Miranda.
RESOURCED: http://news.domain.com.au/domain/real-estate-news/three-historic-millers-point-terraces-sell-at-auction-for-a-total-of-67-million-20150515-gh2878.html
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| 49-51 Kent Street are two of the state-owned historic terraces at Millers Point to have sold at auction |
The Georgian-style sandstone terraces were all bought by local buyers on Thursday night and were fiercely contested by about five groups vying for each property, according to a source in the room.
The sales take to 15 the number of former housing commission properties sold so far, generating $33.5 million for the state government.
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| 39 Kent Street, Millers Point. |
The five-bedroom house was the most contested of all properties on the night likely because of its size, a 6.3-metre street frontage and it has right of way through a breezeway, the source said.
The property next door had the same pre-auction guide, but sold for $2.45 million. Set on 123 square metres, it had four bedrooms and two bathrooms.
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| 50 Argyle Place, Millers Point |
Both adjoining homes have harbour views from the rear.
The surprise result of the night was the smaller 1860s-era terrace also on Kent Street that sold for $1,725,000.
Billed in the marketing as a "colonial treasure", the rundown three-bedroom property had a guide of $1.5 million to $1.6 million and was hoped to match the prices of the matching terrace next door in slightly better condition that sold in March for $1,624,000.
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| Add caption |
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Historic Millers Point terraces sell for $6.7 million 49-51 Kent Street are two of the state-owned historic terraces at Millers Point to have sold at auction |
The freestanding 1830s residence, called Grimes Cottage, is one of the oldest residential buildings in Sydney. It goes to auction next Thursday evening.
Chief executive of Government Property, Brett Newman, said in a statement: "A conservation management plan endorsed by the Heritage Council is attached to each property to protect and guide purchasers' plans for restoration, repairs and maintenance."
The sales are expected to fund new housing on Sydney's outer suburbs Lurnea, Condell Park, Padstow, Warilla, Mount Warrigal, Chester Hill, Yagoona, Gymea, Kingswood, Casula, Beverly Hills and Miranda.
RESOURCED: http://news.domain.com.au/domain/real-estate-news/three-historic-millers-point-terraces-sell-at-auction-for-a-total-of-67-million-20150515-gh2878.html
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