Award winning Surry Hills Co-Living building is literally irreplaceable12 October 2023
A rare award winning Co-Living apartment building at 46-48 Foveaux Street in Surry Hills is a truly unique investment opportunity that taps perfectly into Australia’s booming alternatives market.
The exceptional freehold development comprises 32 self-contained studio apartments and features modern finishes, balconies, customised furnishings and appliances and a complimentary ground floor retail premises leased to ‘The Lid Doctor’, one of Surry Hills’ most renowned barber shop destinations.
The UDIA award winning building is being offered by JLL’s Gordon McFadyen and Dylan McEvoy on behalf of a private client.
Joint Head of Metropolitan Sales & Investments – NSW Mr. McFadyen said the building represents incredible value and will attract significant interest from local and international investors alike.
“Due to changes in planning controls this style of Co-Living development cannot be built again in this tighly held inner city location. The guide pricing is less than the replacement cost of the asset when land and construction costs are taken into account,” he said.
Mr. McFadyen said the building offered the security of attractive rental income and exposure to the residential rental market that investors in the Alternative living sector desire.
“It offers excellent exposure to the booming residential market that is experiencing strong ongoing rental growth, with a greater than six-month WALE, providing the flexibility of short, medium and long-term leases adapting to the demands of the tenant market.
“These assets offer fantastic, modern and simple accommodation solutions to the tenant market and it is perfectly located to tap into the local student market at the nearby higher education facilities,” he said.
The remarkable central location provides immediate access to the University of Technology Sydney, University of Sydney and is a 400 metre stroll to Central Station which offers bus, rail and light rail services.
Mr. McFadyen said the six storey building was constructed in 2017 by iCIRT Gold Star rated builder Growthbuilt and is currently managed by one of Australia’s leading Co-Living management business UKO and is meticulously maintained.
“It offers tenants a highly desirable inner-city community atmosphere, complete with a communal living space including a well-equipped kitchen, laundry facilities and a sunny rooftop terrace with BBQ facilities and a 24-hour on-site manager,” he said.
Mr. McFadyen said that in true millennial style the building offers a secure basement car parking space along with spaces for 7 motorbikes and 17 spaces for bicycle storage.
46 Foveaux Street, Surry Hills is available for sale by way of Expressions of Interest closing Tuesday 7th November 2023 at 3pm (AEDT).