Property Development

Sydney’s former Sirius public housing block sells to private developer for $150 million

Sydney’s former Sirius public housing block sells to private developer for $150 million
Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-07-01 00:19:23

The New South Wales government will bank $150 million after
selling the former Sirius public housing block in The Rocks precinct of the Sydney
CBD.

Completed in 1981, the distinctive Brutalist
building – the only high-rise in The Rocks – carried price hopes of about $120 million
when it hit the market more than a year ago.

The incoming owner, JDH Capital, a little-known investment house directed by Jean-Dominique Huynh, a former Macquarie Bank banker, will reconfigure the structure to create 89 prestige apartments.

At present, the complex at 38-70 Cumberland Street,
contains 79 dwellings.

The last public housing tenant vacated Sirius 17 months ago.

Advocates failed to have Sirius heritage protected prior to the government offering it for sale.

Save Our Sirius chairperson, Shaun Carter, is already
anticipating that JDH will seek to increase the building’s density post-settlement.

Using the nearby Barangaroo development as an example, Mr Carter is quoted in this ABC item saying “that started as a project that was less than half the size that it is today. If we use that [Barangaroo] as a measure, then we could be seeing Sirius demolished and towers on the site”.

Upper levels of Sirius offer gun-barrel views of the
Sydney Opera House.

Prior to selling Sirius, the state government reaped
about $750 million offloading 189 public housing properties in nearby Millers Point
recently.

The sale proceeds are being used to create 1500 public
housing dwellings in Sydney’s suburbs.