Boarding House

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<div>The Jaycar Electronics, Bondi Junction premises sold at auction this morning for $4,445,000.</div>
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<div>It was listed by a syndicate headed by Sam Brewer.</div>
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<div>Jaycar recently renewed the lease until 2022 for the 125 Bronte Road premises.</div>
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<div>They are a national tenant with 100 stores through Australia and New Zealand.</div>
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<div>Jaycar have been at this location since 2006, auctioneer David Scholes noted.</div>
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<div>The site (pictured above) recently secured DA approval for a four level boarding house with 21 studio apartments.</div>
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It is set over 424 sqm.
The property currently has a net income of $217,350 pa + GST and a net lease with tenant paying 100% of all outgoings, as per lease with fixed 3.5% increases annually.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/4/Jaycar%202.jpg" alt="">
The corner has three street frontages (pictured above).
The property last sold for $2.04 million in 2014.
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j.ballantyne1990-6AQqhLzZaK

Jaycar Bondi Junction redevelopment site sold

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Graceland, the Cleveland Street boarding house in Redfern, has been listed for sale for the first time in over two decades.
Formerly known as Meath House and Illoura, the property at <a href="https://www.commercialrealestate.com.au/property/461-cleveland-street-redfern-nsw-2016-2014718038" target="_blank">461 Cleveland Street</a> last traded for $725,000 in 1996.
The grand three storey terrace is the tallest on the long street.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/22/Grace2.jpg" alt="">
It was built in the mid 1800s and was called home by Patrick Stanley, the four time mayor of Redfern.
The bright blue 485 sqm building is now a fully licenced 10 room, 20 person boarding house.
Fashion designer Melanie Greensmith also once called Gracelands home.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/22/grace3.jpg" alt="">
She said it was full of musicians and artists, including singer-songwriter Tex Perkins. 
There's a two storey cottage on the rear of the 455 sqm land parcel which is currently leased at $750 a week until July 2019.
The boarding house is being offered as a going concern by TGC agent Scot Robertson, who has a November 17 auction.
Operated as fully-licensed budget accommodation, the house currently<a href="https://www.commercialrealestate.com.au/property/461-cleveland-street-redfern-nsw-2016-2014718038" target="_blank"> </a>returns about $190,000 a year gross.
 
 
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jrobinson-rf4aSBido9

Redfern boarding house icon Graceland listed

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The former three star hotel Bondi Sinclairs has been listed for auction.
The 24 room boarding house at 11 Bennett Street in Bondi is being marketed by CBRE's Paul Grasso as being potentially suitable to be converted in to residential apartments.
Set on a 505 sqm block, the three level block has ocean views from the elevated floors.
It last traded for $2.8 million in 2004, and has previously been around $90 a night to book a room, some which come with their own private bathrooms.
The building is going under the hammer October 13 and is being offered with vacant possession. 
 
    
 
 
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Sinclairs Bondi up for auction up for auction with residential conversion potential

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The grand 1913 Queensland estate Buderim House has been listed for the the first time in nearly 20 years.
Previously used as a 40 person boarding house, the traditional style home was bought in 1997 for $530,000 and sits on one of Buderim's highest level acreages.
To take advantage of the high level, the heritage listed homestead has a wrap around verandah and a 360 degree viewing deck with views of the coast and the hinterland.
The five bedroom, four bathroom family home was extended in 2003 and features a home office and a spacious media room/games room equipped with a custom-designed, built-in bar with commercial wine fridge.
Despite the extension and new refurbishment the traditional style of the home has been maintained, with established features such as the grand entrance, numerous fireplaces and 3.5 metre high ceilings all conserved.
Surrounded by architecturally designed tropical gardens which feature jacarandas and stately mango trees, the fully fenced, 6315 sqm site sits privately on one of Buderim's most tree-lined streets.
The gardens also include a resort style pool and spa.
The estate, which has previously hosted the Duke of Gloucester is available on rental website Stayz but is fully booked until the middle of March.
It is available off peak for $180 a night and reaches $350 a night during peak times.
Ray White listing agents Lew Pottingter and Judy Wild are closing tender for <a href="https://raywhitebuderim.com.au/qld/buderim/1412365/" target="_blank">10 Orme Road on February 19.</a> 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2016/01/20/2sy4n.jpg" alt="">
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Buderim House, the 1913 Brisbane trophy home

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Two adjoining boarding houses in the inner Sydney suburb of Glebe are listed for auction late February.
The neighbouring terraces, <a href="https://www.domain.com.au/225a-bridge-road-glebe-nsw-2037-2013344223" target="_blank">225A</a> and <a href="https://www.domain.com.au/225b-bridge-road-glebe-nsw-2037-2013344224" target="_blank">225B</a> Bridge Road (above), Glebe are up for sale through Michael Glynn of McGrath Estate Agents Inner West.
The 12 bedroom Victorian home at 225B, built in 1870, is on the market for the first time in nearly 40 years and is set on approximately 500sqm
It has 3.6 metre high ceilings, original marble fireplaces and plans for rear garaging and self-contained accommodation.
The property at 225A has 14 bedrooms.
Reports state the homes to sell for about $3.3 million to $3.5 million each at auction.
In February 2013 a similar boarding house at 64-66 Glebe Point Road sold for $2.2 million.
Dominic D'Ettorre, co-agent for the property principal of D'Ettorre Real Estate, told the Australian Financial Review said about 20 groups of people showed up for the first open home.
"It has always been a good cash cow, being close to universities, the hospital and shops," he was reported as saying.
"[The vendor] is an elderly gentleman who has had them for 40 years and is cashing in after all that time."
The median price for a house in Glebe is $1,627,500, according to CoreLogic.
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jonathanchancellor-7SQnKwU6yx

Adjoining Glebe boarding houses on the market

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California, a 14 room boarding house fronting the busy Flinders Street in Darlinghurst, has been listed for sale.
Refurbished since it last traded for $1,845,000 in 2010, <a href="https://www.realestate.com.au/property-other-nsw-darlinghurst-128628702" target="_blank">60 Flinders Street</a> on 190 sqm has three levels at the front and two at the rear.
Currently it yields around $323,000 gross annual revenue. It sits near Taylor Square, Oxford Street, Surry Hills and Moore Park, with two street frontages to Flinders and Chisholm Streets.
The 14 rooms are currently made up of nine double studios, eight fully self-contained with their own ensuites, and five single units all with kitchenettes. They share three bathrooms.
There's an undercover communal courtyard with custom timber seating and barbecue facilities and an on-site coin-operated laundry.
It is being sold as a going concern, with all furnishings and inventory included in the sale.
Dominic D'Ettorre at D'ettorre Real Estate is marketing the property for a July 17 auction in conjunction with McGees Property agent John Grujovski.
They suggest its a fusion of modern design and classic features.
The vendor of California has also listed the <a href="https://www.urban.com.au/expert-insights/investing/86174-two-paddington-terrace-boarding-house-listed" target="_blank">Paddington boarding house Belle Vue.</a>
 
 
 
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Darlinghurst boarding house California for sale

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Two Paddington terraces that are operating as a high yielding 16 studio boarding house have been listed for sale.
The Paddington <a href="https://www.realestate.com.au/property-terrace-nsw-paddington-128629126">Oatley Road properties</a> on two separate titles are being offered in one line.
Last traded for $1.05 million in 2009, the properties yield over $406,000 per annum.
All of the studio's are fully self-contained, offering a variety of different floorplans. 
Spread over two levels, there are two triple studios, 10 double studios and four single studios.
They all have their own kitchenette and wall-mounted flat screen TV and are being sold as a going concern with all furnishings and inventory included in the sale.
There are two communal courtyards, the main featuring outdoor tables, chairs and barbecue facilities.
Each terrace has coin-operated laundries.
D'Ettorre Real Estate Woollahra agent Dominic D'Ettore is marketing the property for a July 17 auction in conjunction with McGees Property agent John Grujovski.
 
 
 
 
 
 
 
 
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Two Paddington terrace boarding house listed

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California, a 14 room boarding house fronting the busy Flinders Street in Darlinghurst, was passed in at auction last night at $3,975,000.
Refurbished since it last traded for $1,845,000 in 2010, <a href="https://www.realestate.com.au/property-other-nsw-darlinghurst-128628702" target="_blank">60 Flinders Street</a> (pictured below) on 190 sqm has three levels at the front and two at the rear.
<img src="https://www.urban.com.au/images/2018/7/18/DARLINGHURST.JPG" alt="">
Currently it yields around $323,000 gross annual revenue.
It sits near Taylor Square, Oxford Street, Surry Hills and Moore Park, with two street frontages to Flinders and Chisholm Streets.
The 14 rooms are currently made up of nine double studios, eight fully self-contained with their own ensuites, and five single units all with kitchenettes. They share three bathrooms.
There's an undercover communal courtyard with custom timber seating and barbecue facilities and an on-site coin-operated laundry.
It is being sold as a going concern, with all furnishings and inventory included in the sale.
Dominic D'Ettorre at D'ettorre Real Estate was marketing the property in conjunction with McGees Property agent John Grujovski.
They suggest its a fusion of modern design and classic features.
The vendor of California has listed the <a href="https://www.urban.com.au/expert-insights/investing/86174-two-paddington-terrace-boarding-house-listed" target="_blank">Paddington boarding house Belle Vue</a> (pictured above) which was passed in at $5.15 million when offered at Cooley Auctions.
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14 room California, Darlinghurst boarding house passed in at $3.975 million

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The NSW Government is considering reforms to cap the number of boarding rooms allowed in a boarding house development in low-density residential zones.
The cap with be a maximum of 12 per site.
Anthony Roberts, The Minister for Planning, said the changes had been drafted in response to concerns from communities about local impacts of some boarding house developments.
“Tough rules already exist governing the development of boarding houses to ensure they are only approved where they are close to public transport, compatible with council rules on density and building height, and where there’s adequate additional parking.
“We have listened to the community and councils and what we’ve heard is that they want more limits placed on these developments in low density areas.
He said the limit on boarding house developments in the R2 zone would address community concerns about amenity impacts, such as overlooking, overshadowing and loss of on-street car parking.
Labor introduced a boarding house State Environmental Planning Policy (SEPP) in 2009, but never imposed a room limit. 
“Establishing a maximum number of boarding rooms per site in low density zones will help to better manage any amenity impacts of boarding house developments on adjoining and nearby properties.”
Mr Roberts said the Affordable Rental Housing State Environmental Planning Policy (ARHSEPP) had already been amended earlier this year to address concerns about off street parking.
“The AHRSEPP was originally introduced in 2009 to increase the supply and diversity of affordable rental and social housing throughout NSW. 
“However, it’s clear that the size, scale and proliferation of boarding house developments in the R2 zone is not in line with what was envisaged when the ARHSEPP was introduced.
“We already made changes in June this year, in response to community concerns, to increase car parking standards to 0.5 spaces per boarding room in all locations.
“The proposed changes we are releasing today support the Government’s commitment to keep listening and to make sure communities are at the heart of planning policy,” he said.
The community is invited to comment on the proposed amendments which will be on exhibition from 28 November to 19 December 2018.
For more information <a href="https://www.planning.nsw.gov.au/affordablerentalhousingsepp" target="_blank">click here.</a><a href="https://protect-au.mimecast.com/s/vq0gCJyBy2tqBpAvtVHgiM?domain=planning.nsw.gov.au" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://protect-au.mimecast.com/s/vq0gCJyBy2tqBpAvtVHgiM?domain%3Dplanning.nsw.gov.au&amp;source=gmail&amp;ust=1543452549674000&amp;usg=AFQjCNEIsFj_FRyzheqg4UvRC--AdN5_9w"> </a>
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NSW government set to impose room limits for boarding houses in low density zones

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EXPERT OBSERVER
Recent proposed changes to Boarding House legislation in NSW is pandering to elitists.
The NSW Department of Planning has issued a draft proposal to change the Affordable Rental Housing State Environmental Planning Policy 2009 in relation to the number of rooms permitted in boarding houses in R2 zones.
Boarding houses are an important source of affordable rental accommodation but it seems some communities would prefer them to be Not In My Backyard (NIMBY) and have put pressure on the government to minimise their impact.
The result is a draft proposal to limit the size of a new Boarding House to only 12 rooms in R2 areas.
If these changes are implemented they will make boarding houses unfeasible in many areas of Sydney where more affordable housing is desperately needed.
This proposal follows changes introduced in June 2018 to require 0.5 car spaces per room up from 0.2 spaces.
These additional onerous requirements greatly affect the feasibility of boarding house development resulting in a diminished supply of this type of affordable accommodation.
There is a clear shift in Sydney to rental housing as opposed to home ownership and this means governments must support Build to Rent models for long term rental accommodation as well as the more affordable new generation boarding houses.
The Urban Taskforce is concerned that the erosion of support for boarding houses that the current NSW Government is driving is making the feasibility of delivering this important contribution to housing affordability unsustainable.
The concerns of communities about this housing type can be handled through quality design so that boarding houses compliment the local character of an area.
We suspect however that the community concerns are more about objecting to the people who live in affordable rental housing than concerns about the buildings.
CHRIS JOHNSON is the Urban Taskforce CEO
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