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Iconic A$100M Sydney residential building hits market

The New South Wales government has placed the Sirius building in Sydney's Circular Quay on the market after a court proceeding and public efforts were raised to keep the property a public housing asset.

The Australian reported Dec. 8 that the government commissioned Savills for the sale of the iconic property, which was constructed in brutalist style and is valued at A$100 million.

Offshore groups, specifically Chinese developers, are expected to join in the bidding process for the property, along with local real estate developers such as Lendlease Corp. Ltd. The Australian developer was previously approached by Sydney Lord Mayor Clover Moore to acquire the 11-story asset and develop the site into affordable housing, according to the report.

The 3,647-square-meter site has the capacity to accommodate a four-story development, housing about 85 luxury residential units and retail space. Such a planned development would replace the existing 79-unit complex, which has one remaining tenant who refuses to give up her unit, the report noted.

However, New South Wales Social Housing Minister Pru Goward was cited as saying the sale of the building would bring about the construction of hundreds of new public housing units.