Sirius sale funds 330 social housing units in New South Wales | Yass Tribune
As Sydney’s Sirius Building is transformed from social housing to multi-million dollar apartments, the New South Wales government has revealed where the money from the sale of the harbor icon is going.
The building, on the edge of Sydney Harbor, was sold to private developers in 2019 for $ 150 million in the face of a public campaign against the withdrawal of existing residents.
Housing Minister Melinda Pavey said on Saturday that 19 regional and suburban areas around NSW would benefit from new social housing development approvals.
“The proceeds from the sale of the Sirius Building have funded the construction of over 330 new social housing units across New South Wales,” she said.
“A total of $ 150 million is being injected directly into modern social housing for approximately 630 people, who are among the most vulnerable in our community.
Sirius was built in the 1970s to provide 79 apartments for social housing tenants displaced from Sydney’s historic Rocks district.
While the brutalist style of raw concrete and superfluous little details isn’t always popular outside of architectural circles, the building is a familiar landmark to anyone crossing Sydney Harbor Bridge.
For residents inside its distinctive form of tiered boxes, there are spectacular views of Sydney Harbor and the Opera House as well as proximity to the city.
But as Sydney property values soared, the government argued that the now hugely valuable port site could be sold to fund more social housing elsewhere.
Ms Pavey said more than 38 new social housing units have already been built with Sirius funds and 300 more are on the way, filling the social housing deficit in areas such as Dubbo, Wagga Wagga and Gosford.
The most important projects are at Warwick Farm (52), St Marys (44), Gosford (41) and Tweed Heads (40).
Meanwhile, the developers of Sirius are now advertising high-end apartment buyers, with prices going up to $ 12 million.
Planning and Public Spaces Minister Rob Stokes said approving the renovation and restoration of the Sirius Building would create hundreds of jobs and better public spaces at The Rocks.
“It will also establish a new public forecourt to provide better access to the community between Cumberland Street and Gloucester Walk, add new street lighting to improve safety and plant over 75 new trees which will add to the beauty of The Rocks,” Mr Stokes said.
Associated Australian Press