Blog - Commercial
‘GRACELANDS’ UP FOR SALE – THE ICONIC BLUE BUILDING OF SURRY HILLS
A fantastic opportunity exists to purchase an iconic building at 461 Cleveland Street and 24 Little Cleveland Street Surry Hills via an Auction to be held at Cooley CBD Auction Centre on Thursday 22nd November 2018 at 10.30am (unless sold prior).
At one stage known as ‘Meath House,’ this former grand residence was built in the mid1800s and was once home to the four-time mayor of Redfern, Patrick Stanley. It also bears another name being ‘Illoura’ meaning ‘pleasant place’ in aboriginal.
Now known as ‘Gracelands,’ the building is an operational and compliant 10-room/20 person boarding house with high ceilings, generous balconies, large ground floor lounge, plus dining, kitchen, laundry and bathroom facilities opening to a large open outdoor paved terrace with its own palm tree and parking for 4 cars off the rear lane.
Gracelands is the tallest and largest terrace house on Cleveland Street with Sydney Tower and CBD skyline views from the upper level only one block from Moore Park, and only 650 metres away from the soon-to-be fully operational Surry Hills Light Rail stop.
Offered as a ‘Going Concern’, the property has a solid cash flow from the Boarding House, all on monthly licence agreements, with the cottage separately let at $750 per week. The property has flexibility for use as professional rooms, budget or student accommodation with potential for conversion into a boutique hotel (STCA) or for the owner-operator ‘Gracelands’ presents a ready-made business opportunity.
The land is zoned ‘B4 Mixed Uses’ to Cleveland Street and an ‘R1 Residential’ to the Little Cleveland Street cottage plus vacant land to the rear with a 1.25:1 FSR and a 9- metre height limit with obvious development potential. ‘Gracelands’ sits on a huge 455.3 sq metres of land and has over 52 squares of internal space within the grand terrace and rear cottage.
Expectations for this local Surry Hills landmark are in the vicinity of $4 million based on recent comparable Boarding House and City Fringe sales.
For more information contact Scot Robertson, Director Sales and Leasing at TGC.