With 14% holiday rental yield, Illowra, the Nowra Edwardian trophy listing

With 14% holiday rental yield, Illowra, the Nowra Edwardian trophy listing
Jonathan ChancellorDecember 7, 2020

Ilowra, the stately Edwardian mansion of former NSW parliamentarian, Mark Fairlies (M.F.) Morton has been listed for sale for $1.4 million.

It is marketed as one of the Shoalhaven’s finest historical residences.

Investors are being advised it is a holiday rental business that is generating a gross yield of 14%, by the listing agent Jared Cochrane of Raine & Horne Nowra.

In the 2013/14 tax year, Illowra generated a gross income of just under $200,000. The property has been rented every weekend for the last three years and has bookings through until the middle of 2015. The property is regularly one of the highest ranking properties on travel websites such as Stayz.com.au. 

“The property is being sold as a going concern, as the Sydney-based owners want to honour their current bookings which run to June 2015." he said.

The wool broking, stock & station agent Morton served as a member of the NSW lower house, the Legislative Assembly for 34 years.

He sat in the Parliament as the Member for Shoalhaven (1901-1904), Member for Allowrie (1904-1920) and Member for Wollondilly (1922 -1938), a member of the Liberal and National parties, as well as the United Australia Party (UAP).

When he died in 1938, he was the only surviving member of the 1901 state parliament

It was architect Howard Joseland who designed Illowra in its Edwardian style.

The six bedroom, four bathroom home sits on 5,122 square metres at 125 Brinawarr Street, Bomaderry, just minutes from Nowra’s CBD.

Shoalhaven City Council, on the NSW South Coast, wants to ­re-invigorate the town centre of Nowra, using two ­hectares of car parks.

With the help of private industry, it is envisaged the sites could become $75 million to $100 million worth of new retail, mixed use and entertainment real estate.

Expressions of interest are being sought after CBRE structured transactions and advisory services director, Wayne Redman advised Shoalhaven City Council.

Redman said Shoalhaven was following the lead of other councils such as town centre projects undertaken Lane Cove, Woollahra and North Sydney.

Shoalhaven, two and a half hours south of Sydney, is a regional centre of about 100,000, which by 2036 is expected to have a 135,000 population.

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.

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