The successful buyer won't be able to live there, but investors are eyeing a one-bedroom, hotel room style apartment in Wollongong that's on the market.
The property, located within the Adina Hotel complex at 314/19 Market Street, Wollongong has a price guide of $259,000.
The listing is being marketed as an "investment only opportunity", located on the eastern fringe of the CBD and "only metres away from the city's spectacular beaches and other lifestyle attractions".
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The 43 square metre hotel room style apartment with balcony was built in 2008, with a hotel lease in place to 2028.
The owner is not allowed to stay in the room at all, which has been purpose built for hotel use.
"Strong long term investment track record with the Adina Hotel group in place, this is the perfect set and forget investment," the property's marketing states. "Perfect for self-managed superfund [seek accounting advice]."
The selling agent, Daniel Hastings from MMJ Wollongong said the property is suited to investors only at this time.
Mr Hastings said there had been a good mix of Illawarra and out-of-area buyer inquiry so far.
Mr Hastings said they had calculated the property had an 8.17 per cent gross annual return [$21,151.51] or an 5.72 per cent net annual return [$14,816.81], based on the advertised price guide.
This would be considered a very high yield compared to standard residential returns in Wollongong.
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He said properties like this appealed to investors because of the "high returns, and set and forget style of investment as the hotel is always maintaining the building".
Mr Hastings said that section of the building operates as a hotel business, and was separate from the residential component.
Mr Hastings said it was "very rare" for these types of investment only properties to come up for sale.
"This is one of only two buildings in Wollongong that have a hotel use and investment angle," he said.
According to Cotality records, the listing was previously sold in May 2022 for $250,000.
The complex has access to concierge/reception, lap pool, gym and sauna facilities, with City Beach, the harbour, Wollongong Golf Club, WIN Stadium and Entertainment Centre all within 300 metres to 600 metres.
Investors may also be eyeing two of the cheapest apartments currently for sale in the Illawarra.
One of them is the one-bedroom unit located at 32/1-5 Mount Keira Road, West Wollongong.
It features a small kitchenette with bar fridge, built-in robe and ensuite-style bathroom. It's currently leased for $240 per week on a six-month expired lease.
Selling agent, David Garcia from Master Properties said the price guide was about the $270,000 mark, which factored in recent costs for a strata levy to fund capital works at the "outdated" complex.
The other studio apartment for sale in the same complex, located at 14/1-5 Mount Keira Road, West Wollongong has a guide of $185,000 to $199,000.
