For Sale by Expressions of Interest Closing 5 pm 21/2/2019
(The Vendor reserves the right to consider offers prior to the closing date)
This grand old lady of Hobart was constructed around 1840 by Father John Joseph Therry in sandstone and brick and is conveniently located on the fringe of the Hobart CBD, although back in 1840 this was considered the outskirts of town. The property has almost 30 rooms and off street parking for 5 to 8 cars, including a lock up garage and 2 undercover parking spaces, workshops, garden shed etc..
The house is divided into 4 apartment spaces (including the owners main residence) and a commercial office with storerooms.
The owners residence and 2 of the apartments have been fully refurbished including complete rewiring new floor coverings, and upgraded bathrooms, kitchens and living areas, and provide an instant income stream in excess of $1200 per week as long term tenancies, or they could be used as short stay tenancies to maximise the returns.
The out-buildings also offer returns as parking or storage in their current state, or could be converted to self contained accommodation (STCA).
The larger upstairs apartment of over 16 squares is vacant, has not been refurbished and the new owners will be able to realise the potential of this area and increase the rental return with renovation of this area, likewise the office area is also vacant and will require an upgrade which will increase the rental return further or it could be used by the new owner as a private office area.
The north facing main residence has a quirky mix of rooms including Father Therry's private chapel with it's Georgian gothic windows. The house features many original Georgian features including original (and functional!) cedar shutters on many of the windows and french doors and a great many 6 panel internal cedar doors. The property also enjoys impressive, original Australian cedar mantle pieces in the 2 larger rooms. The main residence has up to 4 bedroom spaces, but the current owners have configured it as a 2 bedroom residence with a dining room and a study. Through the living room's french doors lies a leafy linear garden space that provides a calm sanctuary from the busy city nearby.
This property offers immediate returns and amenity for quality living, with enormous potential for the new owners to take it to the next level. This is a one of a kind property package that would be hard to find again in central Hobart.
The current owners have completed a sensitive restoration of a large part of the building, as well as much remedial works and new storm water drains and structural improvements etc. An investor or an owner occupier will find this extensive and diverse property ensures a solid and reliable income stream. On the fringes of the Hobart CBD, it provides a unique mixture of tenancies, with many of the benefits of a diverse property portfolio in the one property acquisition. With such a large range of immediate and potential rentable areas, this property virtually eliminates costly vacancy periods and it's position will always ensure a good return.
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