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Gracelands, 461 Cleveland Street, Redfern, NSW, 2016
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Property Highlights

GRACELANDS’ A FULLY LICENCED BOARDING HOUSE + A BOUTIQUE COTTAGE - EXCEPTIONAL ‘VALUE ADD’ OPPORTUNITY!

Auction - Thu 22 Nov 10:30am

  • Fully Licenced 10-room Boarding House
  • 3-storey grand terrace + rear cottage
  • Rear lane, vacant land + park 4-6 cars

We have the pleasure in offering for Sale by Auction this 3-storey grand terrace, the tallest on Cleveland Street, with panoramic views from the uppermost level to the city skyline & Sydney Tower.

Formerly known as ‘Meath House,’ a grand mansion built in the mid-1800’s and the former home of the 4-time mayor of Redfern, Patrick Stanley, it also bears another name being Illoura meaning ‘pleasant place’ in aboriginal.

Now known as ‘Gracelands’ being a fully licenced 10-room, 20-person Boarding House, with an attractive freestanding 2 storey cottage also included to the rear, plus driveway providing for up to four cars stack parked.

Features:

  • Huge land 455.3m2 *
  • Int. areas 373.35m2 - 296m2* terrace + 77.35m2* cottage (plus 24m2* private courtyard)
  • ‘B4 Mixed Uses’ (front) and ‘R1 Residential’ (rear) – City of Sydney
  • 1.25:1 FSR and a height limit of 9 metres, so latent development potential – STCA
  • Excellent cash flow business opportunity at the gateway to the Eastern Suburbs and Surry Hills
  • Onsite parking for 4-6 cars - absolute gold!

The premises has a solid cash flow from the Boarding House operation being offered as a 'going concern' with the cottage separately let at $750 per week till July 2019.

Inspection times:
Wednesdays - 24, 31 October and 7, 14, 21 of November 2018 between 10:30 am to 11:30 am
Saturdays - 27 October and 3, 10, 17 of November 2018 between 10:30 am to 11:30 am

Auction (If Not Sold Prior):
Thursday 22nd November 2018 at 10:30 am
Cooley CBD Auction Centre – Dexus Place
Level 5, 1 Margaret Street, Sydney

Location:
On the southern side of Cleveland Street between South Dowling and Stanley Streets only one block from Moore Park, with rear access from Little Cleveland Street this location is prime with dynamic growth within this Surry Hills through to Redfern precinct.

An easy walk to the Entertainment Quarter, the Sydney Cricket

Ground and soon to redeveloped Sydney Football Stadium. The Surry Hills Light Rail stop at Ward Park, corner of Devonshire and Marlborough Streets will be only 650 metres away

Remember to mention you found this property on DevelopmentReady

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