MCGRATH TO TACKLE MILLERS POINT IN $200M TENDER

MCGRATH Estate Agents, a division of McGrath Limited (ASX: MEA), has won the rights to oversee a new round of sales at Millers Point with the estimated total value expected to crack $200 million.

The real estate group secured the tender released by Property NSW to market the sale of 175 residences in the Millers Point area, including lofts, apartments and blocks of units.

Chief Executive John McGrath (pictured) says the appointment is a landmark achievement for the company, with the properties tipped to attract a diverse range of interest.

"The appointment is an exciting milestone for our company to continue to represent Property NSW in their sales program at Millers Point," says McGrath.

"We anticipate strong demand from a diverse section of owner-occupiers and investors who will be attracted to a rare offering within Sydney's CBD."

McGrath says the area has evolved into a desirable precinct, with a rich history and unique positioning on the iconic harbour front.

The program will launch at the end of next month, with Richard Shalhoub of McGrath Edgecliff leading the sales charge, supported by agents Peter Starr, Lorraine Crawford and Andrew Stewart.

Shalhoub says the new range of property types currently hitting the market will incite keen demand within the area.

"The success of the terrace home sales program to date has demonstrated the demand for properties within Millers Point," says Shalhoub.

"The diverse range of the new property types that will be on offer will include some great loft style apartments, individual strata apartments and a number of multiple dwelling blocks to be offered in one line."

This is the second time McGrath has won a major tender on behalf of Property NSW to sell in Millers Point, following January this year when it was appointed to market up to 50 terrace homes in the area.

The company has since sold a total of 31 homes for more than $86.8 million, with a further ten terrace properties set to go under the hammer on June 8.