Sydney real estate: Longs Lane, The Rocks heritage listed terraces sold for $36.25m
The iconic Longs Lane terraces in The Rocks have sold for $36.25 million, in a sale that will ensure one of Sydney’s most important architectural treasures is retained.
The NSW government announced the 99-year leasehold of the terraces, in which all 18 properties are held on a single title, have been sold to Australian-based real estate private equity firm NashCap.
“The sale of the Longs Lane terraces via a 99-year lease allows private sector investment and innovation to play a key role in conserving and bringing these prized properties to life, while also keeping them in government hands in the long term,” Minister for Water, Property and Housing Melinda Pavey said.
According to the NSW government: “The Longs Lane terraces, 14 of which are State heritage-listed, are a unique ensemble of residential buildings from the late 19th and early 20th centuries. They include rare examples of the early 20th century government-built workers’ housing project initiated by the Housing Board Act of 1912.”
The iconic Longs Lane terraces in The Rocks have sold for $36.25 million.
The Longs Lane terraces represent some of the first European architecture in Australia.
According to Savills who brokered the sale: “the 99 year leasehold land includes a collection of significant residential dwellings and a commercial Bed and Breakfast along Cumberland and Gloucester Streets, and Longs and Carahers Lanes, with connections to Early Victorian and Edwardian architectural periods”.
The $36.25m sale came after a competitive tender process and is indicative of the private sector’s ongoing confidence in the future of The Rocks, one of Australia’s most important cultural locations.
Stuart Cox, Director, Residential Site Sales at Savills Australia said the deal will ensure The Rocks’ identity as a global icon is assured.
“Whether you’re a tourist or a local resident, The Rocks encapsulates an incredibly unique atmosphere with a character not found elsewhere”, he said.
The Longs Lane terraces represent some of the first European architecture in Australia. Picture: supplied
“Its waterfront location and outlook to some of the most recognisable architectural landmarks in the world makes it a highly sought after location for travellers to explore and Sydneysiders to enjoy.
“The Sydney CBD is ever evolving and continues to lead the way as a forward thinking international city and the historical Rocks precinct is an extension of that”.
The street addresses of the Longs Lane Terraces are: 140-142 Cumberland Street, 136-138 Cumberland Street, 132-134 Cumberland Street, 130 Cumberland Street, 103-111 Gloucester Street,
113-115 Gloucester Street, 117-117A Gloucester Street, 1-3 Longs Lane and 13-15 Carahers Lane.
”The 99 year leasehold land includes a collection of significant residential dwellings. Picture: supplied
All heritage-listed properties have protections in place, including conservation management plans endorsed by the NSW Heritage Council, to ensure new property owners are fully informed of their responsibilities.
