Sydney’s iconic Sirius Building has been sold for $150 million, money which will be go directly into building more than 300 new social housing dwellings.
While it’s good news for the building’s exterior, Sirius will no longer be reserved for social housing, instead being turned into 89 apartment as well as a retail and commercial space.
Minister for water, property, and housing, Melinda Pavey, said in a statement that this was a “great outcome.”
There are around 55,000 people on the social housing waiting list. We have the largest social and affordable housing building program of any state or territory in Australia. These asset sales have meant we can create more than four homes for every one sold.
The property has been purchased by Sirius Developments Pty Ltd, backed by Australian investment firm JDH Capital.
Almost 190 dwellings in Millers Point have been sold since 2014 for more than a combined $750 million, with that money going towards 1500 residential units.
