An historic gem on sale in Sydney

A property in Sydney seeped in historical value has been put up for sale for the first time in more than one hundred years.

This once very grand, early Victorian manor was originally built in 1855 for a very wealthy family of jewellers, no expense was spared in its design and the accommodation included comprehensive servant's quarters on three levels at the rear of the property.

In past years the four storey property, overlooking Sydney harbour, has been home to celebrated jewellers, sea captains, scientists and most recently the housing commission.

Housing NSW is sending the villa to auction with a 99 year lease and a price guide of just $1.25million - which sounds like a bargain until you read the small print - the buyer has to restore the house to its original glorious condition under the instruction of a heritage architect.

Developers looking to change the residence into a hotel have been left disappointed with a very definite refusal, the property has also attracted a lot of interest from families looking to make their home.