REAL ESTATE

Twelve Millers Point properties sell for $35 million in bumper auction night

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5 Lower Fort Street Millers Point. Set on a sun-d\

A MIX of rundown and boarded up properties in Millers Point, some more than 130 years old, have sold for a total of $35.22 million after a bumper round of auctions.

The 12 properties were sold as part of the government’s offloading of former public housing assets, which has seen more than 100 Millers Point properties sold.

The properties included four terrace homes, two apartment blocks — each with four apartments — and another block containing 12 one-bedroom units.

66 Bettington St, sold for $2.42 million.

Number 15 Lower Fort St achieved the highest price among the terraces, changing hands for a mammoth $5.05 million.

The five-bedroom home, built in 1879, is in need of major work, particularly in the kitchen, which still has a cast iron oven.

A block of one-bedroom units at 44-48 Merriman St and 56-62 Bettington St sold for $12.3 million.

Nearby home 66 Bettington St sold for $2.4 million. The windows and flooring are patched together will boards of wood and the outside balcony requires repairs to make it safe.

The stand out performer among the sales was the block of 12 units.

The block, located on the corner of Merriman St and Bettington St, sold for $12.3 million, implying a price of about $1.02 million for each of the one-bedroom units.

42-44 High St, a block of four apartments, sold for $4.81 million.

Last night’s sales were the most successful round of Millers Point auctions to date, according to McGrath Estate Agents, the group tasked with selling the properties.

Real estate agent Lorraine Crawford said the results showed Millers Point has become one of Sydney’s most sought after addresses.

5 Lower Fort St is set on a 230sqm block and was built circa 1879.
The backyard of 5 Lower Fort St.

“We saw healthy bidding on all properties on offer,” she said.

“It was pleasing to see several of the properties selling to families with young children, which demonstrates that the (profile of) buyers is now showing real diversity.”

A two-bedroom home at 61 Kent St, Millers Point sold for $2.1 million.

The Millers Point apartment buildings attracted interest from investors, who recognised the area’s potential to become one of Sydney’s most exciting precincts, Ms Crawford added.

“It’s proximity to the CBD and lifestyle precincts of Barangaroo, Walsh Bay and the Rocks area appeal to a wide selection of buyers,” she said.

Three-bedroom home 66 Bettington St required a lot of work.

The recent $35.22 million tally of sales brought the government’s earnings from its Millers Point offloading program to over $300 million.

The next tranche of properties will go to market through McGrath in early 2017.

 

 

[Source:- Realestate]