Offshore investor buys inner-city boarding house
An offshore investor has purchased a fully leased, under-utilised boarding house in Sydney’s inner west Ashfield.
The three level complex with 32 modernised units on 936 square metres at 59 Liverpool Road is trading for c$10 million – a six per cent net passing yield.
The return could improve if the incoming purchaser ups the rent to market levels, the marketing agents said.
The 936 square metre R3 Medium Density Residential zoned block also holds development upside with a more high-density project, perhaps covering more land, with underground parking.
Ashfield is eight kilometres from the CBD (story continues below).
This site is also about 550 metres to Summer Hill station.
Knight Frank’s Adam Droubi, Anthony Pirrottina and Demi Carigliano were the agents.
The buyer secured the property before the close of an expressions of interest campaign Tuesday (April 15).
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