110 Albany Street, Coffs Harbour NSW 2450

"Albany Lodge" has been held by the current owner for over 25 years and has been a stellar investment property for the duration of that time. Located in a high profile position and central to all services it is within walking distance to Coffs Harbour CBD, 3.6km to Park Beach Plaza and 2.2km to Coffs Harbour Airport.
Primarily built as a "Backpackers" The Lodge provides basic long-term accommodation with a configuration of thirteen private rooms with shared facilities, one private room with ensuite and a self-contained flat with bathroom and kitchen. There are five share showers, four separate toilets and a large kitchen/dining area plus a laundry. The rear has a substantial covered outdoor area suitable for BBQ's and leisure activities with access to the rear lane and there is an inground swimming pool located at the front of the block. A 10KW solar system subsidizes the power and the electric Hot Water System charges off the solar system.
The private room sizes are quite substantial and would easily be configured as share rooms. The owner advises that annual gross income based on one person per room is currently $148,000 p.a. with expenses around $25,000. The Coffs Harbour bypass is due to commence soon and will add to the already high demand for longer term accommodation.
This is a premium site with an R3 Medium Density zoning and presents as a very attractive potential development site with medium to long term holding income or as a solid passive investment.

Council Rates: $3,368 p/a
Land Size: 803.1 sqm
Age: 70 years approx