Ashfield boarding house sells for $2,555,000 at auction
An Ashfield, Sydney boarding house fetched $2,555,000 at auction, reflecting a 5.75% rental yield.
It sold through Con La Spina at Elders Inner West-Ashfield.
It is currently a 10 room boarding house returning $146,000 per annum.
There are approvals to extend it to 19 rooms.
"And potentially more than double the return," Con La Spina said.
The Victorian era home sits on a 727 square metre block with train station and bus services nearby.
"This grand Victorian money spinner offered high income, low vacancy and plenty of potential," the marketing said.
The 30 Chandos Street offering sold at $1.7 million in 2011.
It sold this time to an investor whose family owns another boarding house in the area.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
