Savills, on behalf of the NSW Government, today announced that a public sales campaign will commence for the divestment of the Sirius building, located at The Rocks, Sydney, with funds raised used to invest in new social housing across NSW.

The Sirius sale is the latest initiative under the NSW Government’s strategy to fund new social housing close to jobs, education and transport through the sale of former social housing dwellings in Millers Point and the Rocks.

Located on a 3,647sq m site, the stepped Sirius building form currently comprises 11 storeys tapering down to the north and south. The existing building comprises 79 units of varying configurations with over 70 basement car spaces.

The majority of the apartments boast significant harbour and city views, with the rooftop by far Sydney’s most spectacular vantage point with a 360 degree view of the glistening Harbour, Opera House, Harbour Bridge, Circular Quay, city skyscrapers, as well as expansive views towards Barangaroo, Milsons Point, North Sydney, Pyrmont and Balmain.

Sirius is exclusively listed through Simon Fenn, Stuart Cox, Neil Cooke and Michael Simpson of Savills Australia via an international sales campaign with the opportunity for a variety of uses via the flexible zoning applicable to the site.

According to Simon Fenn, Managing Director of Savills NSW, “Sirius is positioned on some of the most valuable land in Australia and will certainly attract interest from around the globe, with a once in a lifetime opportunity to revitalise this prime site with a range of potential future scenarios including residential, commercial, hotel and retail or a mix of these.”

“Never before has a building with such unobstructed and striking harbour views within the heart of Sydney been offered to the market. A proposal like this is certainly one in a million,” he continued.

Sydney has already seen a major renaissance for the CBD core with approximately $7.9 billion worth of new construction and infrastructure earmarked for the Circular Quay precinct. The Light Rail and Circular Quay Ferry, Bus and Rail Interchange upgrades will only continue to add value to the area.

According to Stuart Cox, Director, Residential Site Sales at Savills Australia, “This is a substantial opportunity to secure arguably the most recognised landmark site in one of the world’s key gateway cities. Sirius is likely to attract significant interest from a range of different development and investor groups, both locally and offshore, that have the relevant development experience, capability and financial capacity to take on this significant project,” he said.

A Registration of Interest process is now open, to be followed by a formal Expression of Interest stage leading to an Invitation to Tender for selected applicants. The sale is expected to be finalised in the second half of 2018.