Around ten years ago, the old "St Gabriels" Church was converted to an eight-room DA approved boarding house. 
The easily managed high yielding Newcastle Boarding House has a consistent record of attracting tenants attracted by its convenient Newcastle Harbourside location. It is minutes to all services, Hamilton/Newcastle interchange, attractive waterways, Shops, personal services, entertainment, sporting facilities, local bus public transport near the front door, park across the road, easy access to airport, spacious indoor and shared outdoor areas. The current gross income is around $153,660 pa. 

Potential for further growth due to the gradual opening of international borders, increasing overseas students and general rental growth.

The Old church property has dual street frontage and sits on an impressive site area of around 739m2. More than double the land size of many of the homes in the surrounding area.

Possible commercial redevelopment opportunities  

The current R2 zoning allows for several other uses for the real estate subject to council approved development application. Possible uses include community facilities, education, childcare, medical and tourist/visitor accommodation.

The additional residential property included
There is also a second residential property built fronting Albert St. This is an open plan one-bedroom home with around 65m2 of internal space, including separate dining and lounge areas. Also, it has a large covered outdoor entertainment area with a storage shed at the rear. The property has onsite parking for three cars.

Possible Residential Family Home
There is also the option of taking advantage of the attractive architecture of the old historic church building, with high vaulted ceilings and the emotional sensation of an abundance of space, bright ambience and large 234m2 footprint to convert the current boarding home into your residential family masterpiece.
Discover the great financial returns from owning your own boarding house!