The 99-year leasehold of the Longs Lane Terraces, set in the Longs Lane Precinct of the Rocks in the Sydney CBD, has sold for $36.25 million through Stuart Cox, Neil Cooke, Johnathon Broome, Andy Hu and Jordan Lee of Savills Australia. The precinct is significant as a rare example of nineteenth century residential buildings, laneways and rear yards. Longs Lane was one of the main thoroughfares in The Rocks in the early days of the colony.
The Longs Lane Terraces comprises 18 properties, which are all on the one title. They have been used both residentially and commercially in recent times. The terraces include several two and three-storey houses built between 1881 and 1891. The three-storey terraces at 140 - 142 Cumberland Street are occupied by the Sydney Harbour Bed & Breakfast Hotel. Also included is Jobbins Terrace, five two-storey houses built in 1855 for one time convict, John Jobbins. It was refurbished by the Sydney Cove Authority in 1993 as a classic example of a Greek Revival Terrace. All the buildings are classified by the National Trust and listed on the Register of the National Estate.
The purchasers of the site were real estate private equity firm, NashCap and partner, Assembly Funds Management, a real estate platform that is a partnership between Michael Gutman of Vaucluse, the Lowy family and interests associated with Trevor Loewensohn of Mosman, Paul Platus of St Kilda and Morris Symonds of Bellevue Hill.
CoreLogic Australia