An iconic property in Smith Street Wollongong that has operated as a boarding house for more than 30 years, will be auctioned next month.
The property at 65 Smith Street, is recognisable for the beautiful original home with a wrap-around verandah that sits behind a landscaped, neatly hedged front garden and brick fence.
At the rear of the old cottage, facing Thomas Street, is a more contemporary two-storey brick structure which includes 25 furnished boarding rooms, catering for university student accommodation.
The quaint old residence is currently used as the manager’s cottage and also as a common recreational space, hall and kitchen.
All together, the property includes 27 bedrooms and includes seven car spaces.
The total land area is 1,364 metres square and the property has dual frontage to both Smith and Thomas streets.
The site is zoned B4 – mixed used and is ideally positioned close to the CBD, harbour, beaches and transport and not far from the university.
Travis Machan from MMJ Wollongong said the 25 modern rooms in the boarding house were currently rented for $320 a week, offering an attractive and ongoing income.
See your ad here
Mr Machan said demand for this style of investment continues to grow in Wollongong with 17 blocks of flats sold by MMJ Wollongong over the past year.
“This property is on another level above,” Mr Machan said.
“It is one of the most exciting properties we have marketed for some time,” Mr Machan said.
“This is reflected in the initial response from the market place with investors, developers and other boarding house operators showing strong interest in the property.”
“We did expect this response based on the large land size, convenient location and significant passing income, although we have been absolutely overwhelmed with the amount of buyer enquiry.”
The property can be viewed by appointment. It will be auctioned on site on Wednesday December 16.
Published in the Illawarra Mercury, 23.11.2015