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Government Sales To Boost Sydney's Historic The Rocks Precinct

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Sydney's historic The Rocks area will be further preserved and enhanced through the sale of over $100 million in commercial property by the New South Wales government.

According to The Australian Financial Review the government will divest itself of assets including the heritage-listed Science House plus more modern buildings of a commercial nature including 66 Harrington Street.

A government spokesman confirmed the move to the AFR.

"Following a review, Property NSW has identified select commercial assets in The Rocks for 99-year leasehold divestment and will look to bring these to market in the coming months," he said.

"The divestment of these assets will enable us to preserve and enhance key public domain areas in The Rocks and Darling Harbour."


It's understood there are no plans currently to sell any of the government's freehold property interests.

The leasehold sales would be well positioned to take advantage of Sydney's strong commercial property market.

Last May the NSW government announced a $73 million investment over four years to protect the heritage precinct along Sydney Harbour foreshore. Proceeds from these sales will be directed to fund that initiative.

According to the AFR the government has already reaped $192 million from selling the rights to the ground lease rental income at Darling Quarter to British ­insurer Rothesay. Those proceeds  will be used for the upgrade of the Circular Quay ferry wharves.

Science House located at 157-161 Gloucester Street is a key asset that could attract the interest of a hotel operator.

Image copyright: mletsch / 123RF Stock Photo

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Article originally posted at: https://theurbandeveloper.com/articles/government-sales-to-boost-sydneys-historic-the-rocks