Bids have been sought to transform two of central Sydney's historic buildings into luxury hotels, as the NSW government's program of selling assets across the city worth hundreds of millions of dollars continues apace.
Finance Minister Dominic Perrottet announced on Wednesday that expressions of interest had been called for 99-year-leases on the Department of Lands building and Department of Education building on Bridge Street, known as "The Sandstones".
The buildings, now occupied by the two departments, date back to the 1890s.
The new owners will need to abide by conservation management plans prepared by the Department of Finance. The Heritage Council will be asked to endorse the plans before the finalisation of the sale process.
Mr Perrottet said the proceeds of the sale would be put back into infrastructure and, based on a 300-room hotel, would reap about $30 million for the state economy each year, mainly from payroll tax and GST.
"It makes no sense to waste these sandstone buildings housing bureaucrats in prime CBD real estate," he said.
"This decision means they will be open to the public and open to tourism across the world".
The tender process is anticipated to be completed next year.
