Low Maintenance Freehold Property Offers Opportunity for Investors

A lower north shore Sydney boarding house has been listed for sale as investors continue to seek affordable living opportunities while the rental boom continues.   

The Greenwich property features a 16 double room boarding house and one large four-bedroom residential terrace with a separate entrance and frontage.  

Built in 2014 and finished to a high standard providing significant depreciation benefits, the 16 Greenwich Road property offers a secure income and a low maintenance freehold investment. The asset provides a potential fully leased gross annual income is $390,000.  

Offering views of the Sydney CBD and Harbour Bridge, the site is walking distance to St Leonards Train Station and is poised to benefit from the forthcoming Sydney Metro Station at Crows Nest.  

CBRE agents Toby Silk, Angus Beevers, Nicholas Heaton and Jason Lowry have been appointed to steer the sale with a price expectation of $6 million.  

The listing follows the recent sale of two boarding houses on Sydney’s Northern Beaches which changed hands for close to $10 million.  

“Boarding house assets are attractive in the current market as they’re placed to be a major beneficiary of the rental boom we’re experiencing amid ongoing housing affordability issues,” Mr Silk said 

“Although borrowing costs are increasing, we predict that these costs will be covered by increasing rents.”  

The property is going to auction on Tuesday 9th August.