The Department of Lands building and the Department of Education building will be sold off as part of the NSW government’s asset sale. These are two of the city’s most historic landmarks and the government is hoping they’ll bring in very nice figure.
NSW Premier O’Farrell flew to Asia on Monday in order to market the buildings, the Department of Lands building in particular, to potential buyers. The Department of Lands building is located right in the middle of the financial district, and Government officials are hoping the building will be transformed into a hotel. The goal is to shift the buildings into the tourism sector.
This is the second wave of sales of Government assets. The first brought the government AU$405 million, about AU$105 million above the initial estimates.
Another building on the ‘to sell’ list is the Chief Secretary Building on Macquarie Street. This building, another historic landmark, has been used continuously by the NSW government; its current occupant is the NSW Industrial Relations Commission.