Sydney Inner-West accommodation conversion sold by auction - HTL Property and X Commercial
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Sydney Inner-West accommodation conversion sold by auction - HTL Property and X Commercial
A 14 -room Victorian boarding house conversion located at 1 Johnston Street Annandale sold by HTL Property Director, Nic Simarro alongside X Commercial's Lachlan Palm and CEO Daniel O'Brien.
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HTL Property and X Commercial1 Johnston Street Annandale sold by HTL Property and X Commercial -
HTL Property and X Commercial1 Johnston Street Annandale sold by HTL Property and X Commercial -
HTL Property and X Commercial1 Johnston Street Annandale sold by HTL Property and X Commercial -
HTL Property and X Commercial1 Johnston Street Annandale sold by HTL Property and X Commercial
HTL Property, in conjunction with X Commercial, announce the sale of a 14 -room Victorian boarding house located at 1 Johnston Street Annandale, in Sydney's inner-west.
HTL Property Director, Nic Simarro alongside X Commercial's Lachlan Palm and CEO Daniel O'Brien, steered the auction campaign on behalf of 1 Johnston Street Pty Ltd.
During the busy auction campaign, the agents coordinated over 15 inspections and sent out 13 Contracts for Sale. This activity resulted in 3 bidders competing for the property at auction in Sydney CBD on October 10; and the property was ultimately acquired by a private Chinese family, the Wangs.
1 Johnston Street offers boarding house style accommodation across 14 rooms; there exists communal bathrooms and a kitchen, however some of these rooms were inclusive of these. The gross annual income is approximately $182,000 with scope to increase this number substantially following the expiration of a number of 'under-rented' leases.
The boarding house is positioned upon 450 sqm* of land and is surrounded by transport, restaurants, bars and other amenities.
"Recent sales of boarding houses in metropolitan Sydney have highlighted a significant trend in the property market, driven largely by the ongoing rental boom and rising demand for affordable accommodation" commented X Commercial Associate Director, Lachlan Palm.
"1 Johnston street was underpinned by its premium location and genuine upside resulting in such a strong result” Palm added.
"This successful sale result boasts the benefits of strong collaboration between two high -performing agencies, with an enormous investor pool reached during the sales process" believes HTL Property Director, Nic Simarro
“Consequently, this exceptional reach resulted in a sharp 3.3% net initial yield on the subject asset” concluded Simarro.
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