NashCap snaps up Longs Lane Terraces for $36m

Private equity investors NashCap and its partner, the Lowy family-backed Assembly Funds Management, have snapped up the 99-year lease of the heritage-listed The Longs Lane Terraces for $36.25 million.

The leasehold land, owned by the NSW government, is a collection of significant residential dwellings and a commercial bed and breakfast along Cumberland and Gloucester streets, and Longs and Carahers lanes.

NSW Minister for Water, Property and Housing Melinda Pavey described the sale of the 18 properties, all held on a single title on 2459 square metres with 313 square metres of public space, to private equity firm NashCap as ‘‘an outstanding result’’.

The funds raised will be directed to front-line services and infrastructure across NSW.

‘‘The government is constantly looking at opportunities to ensure its property assets are owned and managed in a way that delivers the best social, economic and heritage conservation outcomes for communities across NSW,’’ she said.

‘‘The sale of the Longs Lane terraces via a 99-year lease allows private sector investment and innovation to play a key role in conserving and bringing these prized properties to life, while also keeping them in government hands in the long term.’’

Stuart Cox, Neil Cooke, Johnathon Broome, Andy Hu and Jordan Lee of Savills Australia completed the sale on behalf of Property & Development NSW, and said The Rocks is considered Sydney’s identity by many around the world.

Mrs Pavey said all heritage-listed properties have heritage protections in place, including conservation management plans endorsed by the NSW Heritage Council, to ensure a new property owner is fully informed of its responsibilities.

Meanwhile, Canberra’s Fyshwick Markets are being auctioned with price expectations of about $60 million. Burgess Rawson’s partner Billy Holderhead is the exclusive selling agent. Established in 1967, the Fyshwick Markets was the first farmers’ market in Canberra. The sale comes with an extra 1500 square metres, which Mr Holderhead said would be attractive to developers and investors.