The first tranche of government-owned Millers Point properties has been released for sale.
Minister for Family and Community Services Gabrielle Upton and Minister for Finance and Services Dominic Perrottet have announced six heritage-listed properties will be auctioned in coming months.
“The sale of these houses will reinvest millions of dollars back into the social housing system across the state,” Minister Upton said.
“The huge cost of renovating and maintaining heritage-listed houses and funding substantial rental subsidies for a relatively small number of tenants is not fair to those people who have been waiting years for social housing.
“It simply is not fair to the 58,000 applicants on the social housing waiting list for the government to spend millions of dollars maintaining properties which are not suitable for social housing.
“For every house sold in Millers Point, you could build three houses in many other suburbs in Sydney,” Upton said.
The age and heritage nature of the properties means they cost approximately four times as much to maintain as the average social housing property.
“While we are very conscious that this involves relocating tenants who live in these properties, a tough decision had to be taken that will benefit far more people in need of housing assistance,” said Upton.
“The process of relocating tenants is being done with sensitivity and compassion, and the Tenant Relocation Team is going to great lengths to satisfy their specific requests.”
Of the 293 government-owned properties in Millers Point and The Rocks, 214 are heritage listed. It would cost around $90 million to $100 million to restore and maintain these properties.
The average annual maintenance bill of $14,500 per property in Millers Point compares with an average maintenance allowance of $3,000 to $3,500 per property across the rest of the state.
Perrottet said the sales of the initial six properties would act to test the market and help to shape future sales in the precinct.
“The properties in Millers Point are of important historical significance for the people of New South Wales and we don’t want to rush the planning or sales processes,” he said.
“The teams from Government Property NSW and FACS have been working closely with the Heritage Council to gain the right approvals for these six properties including conservation management plans.
“We want to maintain as much of the culture and aesthetics of the Millers Point precinct as we can, and it will be incumbent on prospective buyers to preserve and respect the history of the area.
“Over the coming weeks, real estate agencies, acting on behalf of Government Property NSW, will bring the six properties to market. Confirmed auction dates are yet to be announced, however it is expected marketing for these properties will begin next week. ”
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