The current owner is retiring and after much deliberation, has decided to sell his "high yielding blue chip" investment property.
Positioned on the high side of the street, encompassing district views, is this Licensed 14 room Boarding House, sitting on a 632sqm block. Solid double brick construction and impeccably maintained and presented throughout,
Of particular benefit are the open spaces, with a rear courtyard that has a resort-style feel due to it's manicured landscaping, private outdoor zones and facilities. The front has a Mediterranean holiday feel, with 2 x large, low maintenance courtyards perched above the garages. Also:
- Large fully equipped modern kitchen that was upgraded 12 months ago with commercial grade stainless steel appliances, including 2 x sinks, 2 x ovens, 2 x stoves, 2 x exhaust fans, 2 x microwaves
- 5 x refurbished modern bathrooms, live-in caretaker's room with en-suite
- This is a "walk-in walk-out arrangement", with all furniture items and inclusions remaining with the property.
- Each room includes bed, wardrobe, tallboy, desk & chair, side lamps, TV, fridge, lounge chair
- Minimal effort is required to run this boarding house due to the "Live-in Caretaker"
- Separate laundry with coin-operated washing machine and dryer
- 2 x oversize separate lock-up garages, currently used exclusively by the owner
- Complying with state government ruling on proximity to transport services and amenities
- Demand for low-cost housing is exceptionally strong and predicted to be stronger in the future.
Operating for over 60 years, and protected by low-cost accommodation zoning by Sydney council. Land tax exemptions apply.
The owners currently manage the property on a casual basis, with a 1 person per room ruling. No students, doubles or pets allowed. If managed in a different manner, there is exceptional potential for higher returns.
Re-development potential, further increasing the property's value and return. 5 years ago, plans were drafted for a 28 studio low-cost apartment block. Plans are available to the purchaser.
Conveniently located only 450m to Rockdale station, (approx. 5 min walk), and bus stops out the front. Closely located to Kogarah public Hospital and St George Private hospital. Only one train station from Rockdale and a 5 minute drive by road for those looking for property to house multiple persons close to these amenities.
Inspection by appointment.
