32 Canning Street, North Ipswich QLD 4305

This is a fantastic opportunity to secure a Level 1 Boarding House on 1,012 m2 in the heart of Ipswich!

The property is being offered to the market for the first time since 2010 and it now needs an new owner to enjoy the generous yield and to take full advantage of the future growth prospects in the region.

"The Ipswich Inn" is one of the very few male only facilities and only one of nine Level 1 Boarding Houses in Ipswich. The neat and tidy accommodation is often oversubscribed with a wait-list for rooms. The high “walk score” and close proximity to public transport, city centre and other amenities drives the occupancy rate to extreme levels.

The gents enjoy the front yard rotunda for a chinwag and the gym/darts/rec area under the property keeps them occupied of an afternoon. There is no wonder why the current occupancy is 100% and the average length of tenancy is currently 2 years.

The very experienced and reliable onsite Caretaker offers peace of mind for the passive investor knowing that their asset is being professionally run 24hrs a day.

The 1,012 sqm allotment with two street frontage offers potential (STCA) to increase the accommodation provision for more residents.

The fully leased income is $198,380 per annum, Washer/Dryer and Internet Income is $5,720 per annum ($204,100), with the approximate running expenses being $32,684 per annum. The net income is approximately $171,416 per annum. The net to gross income ratio (18.5%) is one of the best you will find in any Boarding House anywhere!

The current rents are $170 for a single (20) rooms and $207.50 for a double (2) rooms and there could be room for rental growth in the short to medium term. All the tenants are on Rooming Agreements with bond being paid.

The property is fully compliant with the current Fire Safety regulations and the recent audit is available for review. The renewal of the Boarding House Accreditation is due August 2022.

Inspections will be once per week by prior registration and held between 1 pm and 3 pm on Thursdays to minimize disruption to tenants.

Please contact me for the Information Memorandum and supporting documents.