This article is from the Australian Property Journal archive
SIX bidders have competed for a 380 sqm Ashfield site with development approval for an 11-bedroom boarding house, which sold under the hammer for $1.625 million.
Paul Hunter of JLL marketed 14 Elizabeth St site in inner western Sydney, on behalf of a local owner.
The private purchaser intends to build and operate a boarding house.
Hunter said the property received more than 80 enquiries.
Improvements on the site include a single building fitted out with three medical consulting suites. Ashfield Station and Ashfield Mall are within close proximity.
Hunter said boarding houses were becoming more popular with developers because they provide good income streams and can be used to leverage against development sites.
“Today’s boarding houses have evolved from past years and are intelligently designed and smartly fitted out, attracting a new clientele that includes more young professionals, students and corporate lettings,” he said.
“Effectively, people want boarding houses that have slick but simple furnishings, and which all contain their own kitchenette and bathroom – unlike the old style of boarding houses with communal kitchens, bathrooms and TV rooms.
“In our fast-moving age, this form of accommodation allows people – who are otherwise out and about and on the go – a new and stylish place to sleep.”
Australian Property Journal
