VIEW BY APPOINTMENT

"Wallamba"

First time on the market in over 54 years! A once in a lifetime opportunity to secure a large 660sqm parcel of land in this desirable & sought after location.
Currently the property is used as a boarding house.

Property features are:

Land Size: approx. 660sqm.
Vehicular Access to property
Building Size approx. 325-375 sqm
17 Rooms. 5 self-contained single rooms with shower and toilet; 5 double room (rented as singles) & 7 single room.
13 rooms currently rented. 1 used as an office. 3 vacant.
No shared facilities (living or cooking)
Individual Electricity Meters to each room. - All tenants pay their own electricity on a quarter usage.
Weekly Rental ranges from $180pw - $220pw.
Last Rental Review was conducted in 2013. Rents have risen when tenancies have turned over. However longer term tenancies have not been reviewed since 2013.
Scope for rental increases.
Council Rates approx. $5,000 pa
Water Rates: approx. $4200 pa
Land Tax Exempt
Last Fire Certificate: August 2020
No Heritage Order on title
Annual Income: approx. $161,000 pa
Potential Annual Income with increase rents approx: $188,000 pa.
Tenanted by long-term tenants, 75% of current tenants have been at the residence for over 12 months. Many have tenure between 1 & 10 years
All boarding house leases expire on the 30th June 2021

Ideally located in the heart of Petersham, this hidden treasure is just moments from the local pool, park and ever growing shopping village. Taverners Hill light rail stop and a choice of city buses are within easy reach, as are the Taverners Hill Infants, Petersham Public School and Fort Street High.

Naomi Travers - 0418 659795
Andrew Gray - 0488 913 018