Student hostel in Sydney's Greenwich sold for $14.9 million

Student hostel in Sydney's Greenwich sold for $14.9 million
Student hostel in Sydney's Greenwich sold for $14.9 million

A 92-room building currently used for student accommodation in Sydney’s lower North Shore suburb of Greenwich has sold for $14.9 million.

The 33 Greenwich Road property has four floors and is approved for 175 beds in total and has a building area of nearly 3,230 sqm and land area of 4,290 sqm.

Each floor excluding the ground floor has separate male and female bathrooms, common kitchenette, store rooms, ironing room and a cleaner’s cupboard. The building also consists of a commercial kitchen, cafeteria area and a manager’s flat.

The selling agents were Darren Pienaar and Michael Culibrk of Gerard Cole Property Consultants.

The property is close to shopping precincts, schools and public transport. 

The property last traded in 2012 for $6.25 million, according to Corelogic RP Data.

Student accommodation has been a growing asset class for investors. Last month, Furnished Property, a student accommodation provider, put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.

 

Tags: 
Commercial Property Student accommodation

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