About millers point public housing sale

B

bryansun

Hi everybody
Does anyone know when the governement will sell the public houses at millers point? Despite the ongoing dispute between tanents and government, I think it will be a good investment and I'm really interested in the apartments at millers point. I'd really appreciate if anyone can provide more information about it.
 
Most likely be sold to a private developer ( less hassle than lessing to individual investors + it's a easy sell) , who would give it a facelift or knockdown and rebuild given the location.
 
the last lot of terraces were sold individually, as they are heritage listed. They were very cheap at the time (circa $1m) but required a great deal of work and the sale process had requirements on what you had to do to fix them & a timeframe.
 
Agree with Mick - probably goes to a big developer for the whole plot and then we will get to overpay for some nice shiny apartments :)
 
bryn said:
the last lot of terraces were sold individually, as they are heritage listed. They were very cheap at the time (circa $1m) but required a great deal of work and the sale process had requirements on what you had to do to fix them & a timeframe.
Click to expand...


http://www.smh.com.au/nsw/sydney-wa...properties-to-be-sold-off-20140319-351fs.html

I think there are still a significant number of terraces which are still being tenanted that would be sold.

A total of 293 public housing properties are expected to be sold, of which 79 are apartment units in Sirius building at The Rocks. Which leaves more than 200 heritage listed terraces which would need to be sold! You are right about needing a great deal of work as most of these terraces are in pretty bad shape and as part of the sale process the buyer has only got 2 years to complete the renovations.
 
Jon Snow said:
Agree with Mick - probably goes to a big developer for the whole plot and then we will get to overpay for some nice shiny apartments :)
Click to expand...

They can only do that for the apartments in the Sirius building at The Rocks. The majority of the properties that are to be sold are heritage listed terraces which can't be demolished.
 
Scott No Mates said:
I'd be surprised if you could pick one up and have change out of $1.7m
Click to expand...

Is that including renovation works which the buyer has to undertake? I reckon it might be closer to $2mil. Which leaves the question, how many locals can afford terraces at that price? Or will they all be bought by foreign investors.
 
I was thinking about this public housing selling and the supposed protesting...

Would you really want to be first buyers?
Do you think it will allow you to snag it up for cheaper?
What if as you're trying to renovate it, you get constantly harassed by the older tenants, neighbours who's aim is to be as disruptive as possible?
 
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