A rare piece of Woolloomooloo’s post-war history for the first time in more than 70 years.
The 12-bedroom, four-bathroom property at 89 Bourke Street, Woolloomooloo boasts a unique commercial opportunity currently configured as a 10-room boarding house plus two separate self-contained apartments.
The residence is being marketed by Ray White Double Bay selling agent Jordan L`Estrange with a price guide of $3.5m.
The property was purchased by a Serbian family more than seven decades ago after arriving in Sydney following the war, Mr L`Estrange said the building had been held with pride by the same family for generations.
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89 Bourke Street, Woolloomooloo
“Its sale marks the end of an era and a rare opportunity to secure a substantial landholding in one of Sydney’s most vibrant inner-city enclaves,” he said.
“Occupying a commanding 285 sqm corner block with dual frontage to Bourke and Harmer Streets, the property offers a rare scale of versatility.
“Currently configured as a 10-room boarding house plus two separate self-contained apartments, it generates a reliable $3,050 per week in rental return.”
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The property is being offered to the market for the first time in 70 years
The 12-bedroom, four-bathroom residence is guiding $3.5m
At a $3.5m price guide, it represents a strong 4 to 5 per cent gross yield, which is a rare find for a freehold asset in the current Sydney market, Mr L`Estrange said.
He added it was rare for such a significant landholding to become available in this pocket.
“This is an extraordinary blank canvas opportunity in a premier inner-city address,” Mr L’Estrange said.
“It’s a unique piece of Woolloomooloo’s history with immense scope for savvy buyers, whether they are looking for a high-yield investment or a full-scale redevelopment.”
Mr L’Estrange said investors can continue operating with immediate cash flow, while developers may look toward a boutique hotel or high-end Airbnb conversion.
“Alternatively, the expansive footprint offers the rare chance to create a palatial luxury residence in a prized inner-city pocket,” he said.
Outside of the Woolloomooloo property
Aerial view of the residence with the Sydney city skyline
“From its commercial potential to its future as a luxurious dream home, it’s a generational asset that promises both immediate returns and significant future upside.”
Residents will be located a short stroll to The Domain, Botanical Gardens, and the CBD.
With the vibrant cafe culture of Potts Point and Darlinghurst at your doorstep and easy access to Kings Cross Station.
It is set to go under the hammer on May 7 at 6pm.
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