The New South Wales government has sold a key building in Sydney in a move that could boost housing supplies in the city.
The former Ausgrid building at 570 George Street has been sold for $151.8 million and may now be transformed into residential apartments.
It is understood Singapore-based Far East Corporation has purchased the 20,000 square metre site in the Sydney central business district.
The state minister for finance and services Andrew Constance explained the Ausgrid building has lots of potential and could fulfil a number of purposes, as well as creating jobs in the area.
It is expected further sites will be sold over the coming months as the state government seeks to maximise revenue.
"The government's second tranche of asset sales is progressing well and includes the sale of the iconic Sandstone Buildings located on Bridge Street,'' said Mr Constance.
He added: ''These buildings will be sold exclusively to the tourism industry to deliver on our goals to increase the visitor economy spend and create further economic benefit."
Posted by Steve Douglas
