NSW reaps $150M from Sirius
The NSW Government has finally sold the Sirius Building in Sydney after a long and often heated campaign which formally began 12 months ago. The former public housing building has been vacant for 16 months since the last of the tenants were relocated. Former residents had hoped to prevent the sale by seeking a listing on the Heritage register which did not eventuate.
The Government has now announced that the building has been sold to JDH Capital, backed by high net worth investors who plan to retain the external appearance of the building and embark on an internal refurbishment that will see the number of units in the block increase to 89 from the current 79.
The Government will use the proceeds to reinvest into building 690 new public housing dwellings.
JDH Capital was founded by former investment banker Jean-Dominique Huynh, entering the market about three years ago with several unit and townhouse sites in Kellyville and Blacktown.
Reconfiguring the existing building will present significant challenges for the group given the extent of non compliance items to current building codes, however JDH appear up for the challenge assembling a team including BVN Architecture, Architectus, Urbis and Richard Crookes Construction.
The transaction on behalf of the government was managed by Savills.