McGrath Real Estate Wins Millers Point Tender

Market Insights
8 years ago
1 minutes

Leading residential real estate group, McGrath Estate Agents, a division of McGrath Limited, confirmed that it has been appointed by Government Property NSW as the exclusive agent to market the sale of up to 50 terrace properties at Millers Point by June 30, 2016.

It is estimated the properties will deliver sales in the vicinity of circa $100 million. The appointment followed a tender process in accordance with NSW Government procurement guidelines.

Chief Executive John McGrath said marketing of the initial tranche of the 10 government-owned properties would begin on January 27, with an auction date scheduled for February 25.

Mr McGrath said “Millers Point is one of Australia’s greatest residential precincts, and yet for many years it was relatively unknown as a residential option.

It has a unique blend of history which is still evidenced by the historic buildings with a vibrant arts community, yet within a 5 minute walk to the CBD. With the recently opened Barangaroo Reserve, and the new commercial precinct, this is fast becoming one of the most fashionable addresses in Sydney.” 

The properties will be marketed by Richard Shalhoub of McGrath Estate Agents. Mr Shalhoub said the diversity of the terrace houses, the ongoing gentrification of the precinct and its lifestyle offering has been a strong drawcard since the first Government-owned properties were sold in August 2014.

“The property at 119 Kent Street was the first to sell for $1.911 million and has since resold for $2.52 million.

The most recent campaign in December 2015 saw sales ranging from $1.855 million to $6.67 million with diverse buyer interest that included downsizers, families, young professionals and investors. 

Mr McGrath, a resident of Walsh Bay, said he saw Millers Point as one of the best value areas in Sydney for what it offers. 

“When you consider you’re virtually in the city and on the water, it’s hard to compare.”