Ashfield site with boarding house approval sells under hammer for $1.625m
Multiple bidders compete for significant property offered at auction by JLL
SYDNEY – A property on almost 380sqm of land with approvals for a boarding house in the heart of Ashfield in Sydney’s fast-growing inner west has sold under the hammer in Sydney for $1,625,000.
Multiple in-room bidders vied for the 14 Elizabeth Street property, which has approvals in place to be developed as an 11-bedroom boarding house.
Paul Hunter, JLL’s Director, Metropolitan Sales and Investments – NSW, sold the property on behalf of a local owner to a private owner who intends to build and operate a boarding house.
“There was strong interest in the property with more than 80 enquiries,” Mr Hunter said. “The auction as well attended with six different parties bidding.”
Located about 9km west of Sydney’s CBD, the site houses a single building currently fitted out with three medical consulting suites. Ashfield Station and Ashfield Mall are within close proximity.
Mr 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.
“The new fully furnished boarding houses allow people to arrive with a suitcase and live very fluidly without having to fork out for the cost of bed, fridge, kitchenware and appliances.
“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.’’
The public auction was held on Tuesday March 12, at 50 Margaret Street, Sydney.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com