New South Wales state government expressed their intent to sell two of Sydney's most significant heritage buildings as it enters the second round of property sales. The move is connected with state's aim to return its budget to surplus.
First on the list is the Lands Department building which was completed in 1892. It is one of the most outstanding Victorian buildings located in Sydney. The second on the block is the Department of Education building which was completed I 1914. The building is one of the best examples of Edwardian architecture that can be seen in Australia.
The state release a June forecast in budget that showed a deficit or A$329 million or US$301 million for the fiscal year.
The net debt is forecasted to rise to A$15.72 billion by June 2014 from the A$13.03 billion that was seen June 2013.
Acting Minister for Finance and Services Andrew Constance said in an e-mailed statement, "The divestment of these assets reinforces the New South Wales Government's commitment to only owning strategic assets that support core government service provisions."
Included in the second tranche are the vacant land at Macquarie Park in Sydney's northwest and an office building in George Street.
The Australian government expects interest from both local and international investors for the sale of the properties.
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