THE WOOL STORE

Property Info

Location: 121A Keppel Street, Bathurst NSW 2795

Property Type: Commercially Zoned B3 

Apartments: 6 apartments and a commercial space with a potential conversion to more accommodation

Land Area: 1012m2

LOFTY AMBITIONS CREATE A CBD GEM IN BATHURST

10 Bedrooms

8 Bathroom

8 Car Spaces

121A Keppel Street,
Bathurst, NSW 2795

Auction Date : 28th of July

Bathurst is booming and this property represents a singular opportunity to buy a stunningly reimagined piece of history right in the heart of its vibrant CBD.

Visionary owners have converted The Wool Store into multi-level New York loft style, luxury accommodation. We’re talking a luxury penthouse, five apartments and an oversized commercial space that could convert into even more accommodation.

This spectacular triple bricked heritage building was built in 1875 as a bulk-delivery store for selling grain and wool. Original industrial features including the loading doors and gantry are fully intact and have been made a feature of the building.

All the hard work has been done!

  • New kitchens.
  • New bathrooms.
  • New wiring and designer lighting.
  • New plumbing and ABI tapware throughout.
  • New internet cabling (wired and wireless), reverse cycle A/C.
  • New flooring alongside original floorboards lovingly brought back to life.
  • New paint throughout and custom designed wallpaper features.

Not only has The Wool Store had a full makeover in readiness for the next investor, it is also fully fire compliant, including an external fire escape to ensure the historic internal fabric of the building is preserved.

Steeped in history, Bathurst is Australia’s oldest inland European settlement and is now a booming regional city with an exciting annual calendar of tourism events.

As the warm ochre tones of a Bathurst sunset descend across the rooftops of this beautiful regional city, make sure that it is you, enjoying the moment. This is truly a rare opportunity.

Contact Grant Maskill-Dowton at Raine & Horne Bathurst to organise your private inspection today.

PENTHOUSE APARTMENT

Fully furnished with premium and bespoke furniture and accessories, including a full-sized mahogany pool table, this top floor residence is ready for immediate short-term accommodation. The open plan living area spans an extradentary 11.5m x 18m. The four bedrooms include a loft bedroom and master suite with ensuite and walk-in robe. Both the penthouse bathrooms have under-floor heating. The renovated kitchen has Essa stone benchtops, a Bosch dishwasher and Smeg appliances.

The combination of new flooring and carpet and restored original floorboards ensures that the penthouse is comfortable and inviting. This apartment is cool in summer with new industrial ceiling fans and air conditioner. The new large Lopi gas fireplace and gas heaters make for a cosy winter experience. The penthouse is accessed by two internal staircases and an external fire escape.

Overnight appraisal – $1500 / night
Rental appraisal – $1100 / week

First Floor

Consists of three self-contained apartments and a reception area. All apartments have new carpets and flooring, renovated kitchens and have been freshly painted.

APARTMENT 3 – 1 X 1

This apartment has a lovely sunroom which brings natural light into the apartment and features spectacular views over Bathurst and the Blue Mountains.

Overnight appraisal – $400 / night
Rental appraisal – $400 / week

APARTMENT 4 – Studio

Brand new, completely refurbished with a modern kitchen, dining room and bathroom. This apartment exudes a sense of modernity.

Overnight appraisal – $300 / night
Rental appraisal – $350 / week

APARTMENT 5 – 2 X 1

Offering conveniences, with spacious queen bedrooms, and a big living area. Having access to an office area, and a newly refurbished kitchen and bathroom.

Overnight appraisal – $450 / night
Rental appraisal – $475 / week

Ground Floor

Consists of two-contained apartments and an immense warehouse space that could easily be converted into an apartment, commercial space or art studio. All apartments are full of character and ready for immediate rental return. Outside the Wool Store are two landscaped courtyards exclusively for apartments 1 and 3, a communal landscaped garden for all guests or residents, plus parking for 8 cars.

APARTMENT 1 – 1 X 1

This apartment is full of character and is ready to be a perfect loft style luxury apartment.

Overnight appraisal – $450 / night
Rental appraisal – $425 / week

APARTMENT 2 – Studio

This delightful studio is ready for immediate Airbnb rental.

Overnight appraisal – $275 / night
Rental appraisal – $350 / week

WAREHOUSE

This valuable space can serve as amazing storage and back of house area OR be an additional revenue stream for the building as a commercial space or luxury apartment.

Overnight appraisal – $450 / night
Rental appraisal – $425 / week

 

POTENTIAL DEVELOPMENT and OPPORTUNITIES

The new owner could leave this property as it is with an immediate revenue stream.

  • The ground floor studio could be converted into a luxury apartment, generating $450 a night for overnight stay or $750 a week for commercial or $425 a week for rental. Or it could be expanded into either of the two existing apartments on the ground floor to significantly maximise their rental potential.
  • The top floor could be converted into another 3 apartments (STCA) and fire compliance configuration.
  • Current configuration 7 apartments, potential and room for 9 apartments excluding vacant land potential.
  • Building on vacant land opposite main building, add under cover parking and additional apartments for rent. (stca). Lots of potential for a unique high-end boutique hotel. 
  • The addition of an external elevator may increase booking demand.

Totals

Overnight appraisal – $3825 / night forecasted at 75% occupancy due to lack of luxury accommodation in the Bathurst Region(Bathurst accommodation averages 64% occupancy per Bathurst Tourism 2022 Quarterly report) 

Yearly – $1,047,093 gross revenue – Net revenue approx. $800,000+

Particulars

ZONING
– B3 Commercial Core.

TITLE
– Freehold.

ONSITE PARKING
– 8 onsite car parking spaces with no time restriction street-side in Keppel St.

LAND SIZE
– 1012 m2

RATES
– $2,989 p.a.

INSURANCE
– $9,500 p.a. – Short-term & long-term accommodation and commercial

INCLUSIONS
– Walk-in walk-out offering. All contents of apartments are included. 

INSPECTIONS
– Available by appointment only.

OTHER

– Housekeeping team available to manage THE WOOL STORE.
– Current paying tenant in unit 2 which provides general maintenance, security and waste management.

LOCALITY

This now industrial styled building looks amazing, but boy do the looks get outshone by its location. Within 100m is Bathurst’s famous Machattie Park and award-winning cafes, restaurants, coffee shops, wine bars, fresh produce shops and corporate businesses. Walk to Bathurst CBD retail district with shopping centres, retail and hospitality outlets. 2-minute walk to Bathurst Memorial Entertainment & Conference Centre and the famous Bathurst Courthouse, the train station (3.5 blocks) and museum attractions. Fringe CBD / residential location. Bathurst’s new private hospital will be built 2 blocks away.

Grant Maskill-Dowton

Director

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