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Sales campaign for Sydney public housing building launches

Savills Australia launched an international sales campaign for the sale of the Sirius public housing building on behalf of the New South Wales government.

Located within Sydney's The Rocks neighborhood, Sirius is an 11-story property with 79 housing units and parking for about 70 cars in its basement. It has a gross floor area of roughly 7,010 square meters and occupies the 3,664.5-square-meter site at 2-60 Cumberland St.

The sale will involve an international expressions of interest process that will run until June 28, leading into a tender, according to the marketing agent.

The property is expected to have a price tag of more than A$120 million, less compared to its earlier estimated worth of between A$150 million and A$180 million, The Australian Financial Review reported May 25. It was reported in December 2017 that the government has placed the building on the market, with the property valued at A$100 million.