Historic Woolloomooloo boarding house offered for first time in 70 years

The property at 89 Bourke Street Woolloomooloo, NSW is being marketed by Ray White Double Bay selling agent Jordan L`Estrange with a price guide of $3.5 million.

The 12-bedroom, four-bathroom 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 and is set to go under the hammer on May 7 at 6pm.

“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,” Mr L`Estrange said.

“Occupying a commanding 285sqm 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.”

At a $3.5M price guide, this represents a strong 4–5 per cent gross yield, which is a rare find for a freehold asset in the current Sydney market, Mr L`Estrange said.

Mr L’Estrange said 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.”

He 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,” Mr L`Estrange said.

“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.”