Around $3 billion worth of property is going under the hammer as the New South Wales government moves to sell off old and misused buildings owned by taxpayers.
The SMH reports that some of Sydney’s most iconic buildings — such as The Mercure Hotel on George Street– will be among the mix with plans to redevelop the area for new housing and infrastructure.
The listing of Mercure follows recent moves by the government to sell off other luxury hotels in the CBD area including Novotel and Mercure at Darling Harbour to make room for a $200 million upgrade of Circular Quay’s wharves.
Since April 2013, the NSW government has already sold off $1 billion worth of public assets including office blocks and schools with the sales headed by Government Property NSW.
Earlier this year, the NSW government offered Sydney’s Australian Technology Park up for sale to “release the capital locked in the asset, including for possible reinvestment in the transformation of the Central to Eveleigh corridor”.
Software company, Atlassian, lost the race to buy out the 145,000 square metre site in Eveleigh to real estate group, Mirvac, who bought the tech hub for $263 million.
The ATP sale joins other major sell-offs in recent years including the $151 million Ausgrid building in Sydney, $53 million Bligh House and $33 million Bidura House in Glebe which was the largest residential property sale in 2014.
The NSW government’s real estate portfolio currently has around 200,000 properties with a total value of almost $130 billion.
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