VIC What would you do with this Ballarat Property?

Any ideas as to what you would do with this property, walking distance to Ballarat Central

http://www.realestate.com.au/property-house-vic-ballarat-118895103

It is obviously set up as a Boarding House, which apparently has not worked. The renovation appears good.

 

I'm astonished that it didn't work as a boarding house - it's a great location. The only problem that I can really see is that at 23 bedrooms it appears to be too big for something like luxury or boutique accommodation. Ideally I think you'd look at serviced student accommodation for the nearby School of Mines university campus.

My only other thought would be that it would be good as supported or transitional accommodation for community groups like Ballarat Uniting Care, Corrections agencies or TAC to operate. The only issue with that kind of clientèle is that they are not without their own innate problems and being a quiet residential neighbourhood you might find people objecting to the council before too long.

EDIT: Looking at the floor-plan I don't think there's enough bathrooms/toilets per floor.

 

Units?

 

It looks to be zoned GRZ1 which is a shame. Mixed use zoning would open up so many more options.

I can see what the problem is from the ad but not prepared to say on open forum.

 

The trouble with supported accommodation is the stairs. It would need lifts which could be quite pricey.

 

The more you look at it, the more things you can see that aren't right.

I'm intrigued with what Jacqui (above) is alluding to. Fire regs? Parking?

 

One laundry area?

 

Trinity..it says large laundry plumbed for two washing machines .... I have just stayed in a Hotel in the USA that had more rooms and still only had two coin in the slot washing machines. I found I had to get in early while everyone was having their breakfast!! Two washing machines and 3 dryers.

 

We were a bit slow to the party buying this place in 2003 I think it was. The price tag was $240,000. I seeing it in the paper that Saturday morning and saying to then boyfriend (now hubby) we should buy it, how can we get the money to buy it, we discussed and then jumped on the phone. It was gone - no wonder at that price. We would have converted it to a PPOR. Its a nice building, we would sit on our back deck (as we lived very close by at the time) and view the cast iron surrounded turret thing on moonlit nights.

I still remember being saddened walking past one evening and the light was on in one of the small windows on the lower level and you could see enough space in that tiny room for a single bed and standing there was an old lady.

It was nice to see it get a lick of paint. That is all they have done to the outside. They could have updated the while ball exterior lights on the terrace. There is limited parking - I think 4-6 cars in at the back - the concrete backyard.

So asking 1.4mill now? It has been on and off the market the past 2-3 years with no takers.

 

This would make a cool tech startup incubator/data centre...only if the asking price is a bit cheaper.

 

It was listed for $1.65m in November 2013. I would say the price is quite negotiable