In 2014, the NSW Government announced the sale of Millers Point, Dawes Point and The Rocks property assets and would reinvest the proceeds of sale into delivering more social housing that supports disadvantaged people across the wider Sydney area and the Illawarra and North Coast of NSW.
Millions of dollars was being spent in maintaining a relatively small number of social housing properties and an estimated $100 million would have been required to restore and maintain the heritage of the entire Millers Point portfolio.
The decision to sell properties in Millers Point means the government can support many more people by building more social housing in areas of high demand in other parts of Sydney and the State. The sale of government-owned properties in Millers Point has already returned hundreds of millions of dollars back into the social housing system in NSW.
Proceeds from the sale of these properties are expected to be about $500 million and is already being reinvested into building around 1,500 new social housing units, allowing more people to be housed more quickly in sustainable, purpose-built, low maintenance homes.
The construction of new homes from the proceeds of Millers Point sales supports the NSW Government’s social housing reforms over the next 10 years – Future Directions for Social Housing in NSW.
Government owned properties in Millers Point, Dawes Point and The Rocks.
For more information about new social housing projects in the Greater Metropolitan Sydney area and regional NSW go to Communities Plus. Communities Plus is a new and innovative approach in the redevelopment of social and affordable housing in NSW.