Local Investors Snap Up Two Historic Residential Assets

18 December 2017

Sydney’s first ever walk-up apartment building and an entire row of period terrace duplexes have been sold to two separate private, long term investors.

Just moments from the Sydney CBD, Circular Quay and The Rocks, ‘Stevens Building’, located at 73 Windmill Street is an architectural masterpiece prestigiously recognised by the NSW Trust as being the first residential apartment building to be constructed in NSW and was sold for $10.05 million.

Designed by renowned architect Joseph Alexander Kethel (1866-1946), the heritage building sits on a 306sq m site and comprises 11 apartments (nine x 1 bedroom and two x 2 bedrooms) capturing views of the Sydney Harbour Bridge, Garrison Church and Observatory Hill. Offering exceptional views, some apartments offer dual aspect and flow through and all apartments offer open balconies and the ground floor has its own courtyard.

74-80a High Street was sold for $9.8 million and comprises eight x 2 bedroom period terrace duplexes divided into two blocks each comprising four apartments on a large 539.94sq m island site. There is vast potential to restore and transform the apartments to their original condition, subject to Conservation Management Plan (CMP) and is moments from the new Barangaroo Light Rail station.

The solid brick construction boasts deep verandahs, spacious kitchens, living and dining areas, with the first floor duplexes also comprising roof-top drying terraces with panoramic views across Barangaroo, Balmain and Darling Harbour.

This is the first time both properties have hit the market and were sold by Robert Lowe and David Hickey of Savills Australia and Richard Shalhoub of Sotheby’s International Realty on behalf of Property NSW.

According to Robert Lowe, Savills Director of Metropolitan & Regional Sales, “Very rarely does an opportunity arise to purchase an entire row of residential apartments/ duplexes and we received a record number of enquiries very early on and throughout the sales campaign.

“73 Windmill Street received 138 enquiries and 19 requests for contracts, and 74-80a High Street received 100 enquiries and 20 requests for contracts, with over 10 registered bidders all vying for a piece of Sydney’s rich heritage” he said.

According to Richard Shalhoub of Sotheby’s International Realty, “There is potential to transform the wonderful 1900’s historical masterpiece that is ‘Stevens Buildings’ into luxurious residences, prominently situated in one of the most coveted streets in Millers Point.

“There is actually tremendous scope to restore and transform both assets which are zoned as R1 General Residential, which will provide housing needs for the community and maintain the existing land use pattern of predominately residential use” he continued.

 
 

Key Contacts

Robert Lowe

Robert Lowe

Director
Metropolitan & Regional Sales

Savills Sydney

+61 (0) 2 8215 8841

 

David Hickey

David Hickey

Sales Executive
Metropolitan & Regional Sales

Savills Sydney

+61 (0) 2 8215 6074