Sydney's Sirius building has been sold to developers for $150 million despite a passionate campaign for the landmark building to be heritage listed.
Sydney's landmark Sirius building has been sold for $150 million, more than a year after the last resident moved out of the former social housing block.
The buyer plans to refurbish the brutalist building on the edge of Sydney Harbour to include 89 apartments, retail and commercial spaces.
The last Sirius resident moved out in January 2018 following a passionate campaign to save the building after the NSW government refused to place it on the State Heritage Register.
"This is a great outcome that will see $150 million injected directly into building new social housing dwellings," Housing Minister Melinda Pavey said in a statement on Friday.
"This is expected to provide housing for around 630 people, helping the most vulnerable members of our community."
The building has been sold to Sirius Developments Pty Ltd, which is backed by Australian investment firm JDH Capital.
The firm in a statement said they were excited about the opportunity to "retain and revitalise this iconic Sydney building, which holds a special place in the heart of so many Sydneysiders".
"We have assembled an all-Australian, first-rate team of architects, planners, heritage consultants and builders to ensure Sirius is more sensitive to the character of the Rocks while retaining the building's iconic features," the statement said.
"Once complete, we believe that the revitalised Sirius will be a building that all of Sydney can be proud of."
However, Save our Sirius chairman Shaun Carter said he didn't think the news sounded as good as it was being made out to be.
He questioned what the conditions of sale were and how much of the existing building would be kept.
"There's so much detail in here that hasn't been made public," he told AAP.
The group fears the buyer will hack into the building and jeopardise any hope of it one day being heritage listed, Mr Carter said.
He said the proposal included 10 extra apartments and asked how they would be included along with the retail and commercial space.
Sirius Developments will now move through a design and development application process.