A high-quality co-living investment in a sought-after inner western Sydney location has sold for around $10 million as demand for the asset type continues to be strong.
The property at 59 Liverpool Road in Ashfield consists of 32 high studio apartments over three floors with a large common room and outdoor backyard area as well as a common laundry.
It is located around 550 metres from the Summer Hill Train Station and retail village.
The co-living asset was purchased by an overseas investor from India prior to the close of an Expressions of Interest (EOI) campaign run by Anthony Pirrottina, Adam Droubi and Demi Carigliano of Knight Frank.
Mr Pirrottina said the Ashfield property generated strong enquiry during the campaign from local, interstate and overseas investors.
“We fielded 105 enquiries during the campaign, and buyer demand was so strong that it resulted in the property selling before the EOI close date,” he said.
“Co-living assets continue to be strongly contested by buyers given their strong occupancy and income, with Australia having a very tight rental market, as well as strong growth potential.
“This Ashfield property is a modern and well-maintained investment in a sought-after location in Sydney’s inner west, around 10 kilometres from the CBD, ticking all the boxes for a solid investment.”
Mr Droubi said the property sold for below replacement cost, and offered significant rental upside with a current income of just over $618,000 per annum and an estimated income of nearly $727,000 per annum.
“There is significant scope for rents to be increased to market rent, on par with comparable assets,” he said.
“The incoming owner will not need to spend any money as the asset has been well taken care of.
“The highly cost-efficient design provides the buyer with an innovative co-living asset, with few competing properties of this quality available to purchase within inner Sydney.”
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