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VIC What would you do with this Ballarat Property?

Discussion in 'Where to Buy' started by Chrispy, 18th Aug, 2015.

  1. Chrispy

    Chrispy Well-Known Member Premium Member

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  2. Ben Chifley

    Ben Chifley Well-Known Member

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    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.
     
    Last edited: 18th Aug, 2015
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  3. Beelzebub

    Beelzebub Well-Known Member

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  4. JacM

    JacM VIC Buyer's Agent Business Member

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    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.
     
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  5. Chrispy

    Chrispy Well-Known Member Premium Member

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

    Ben Chifley Well-Known Member

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    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?
     
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  7. trinity168

    trinity168 Well-Known Member

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    One laundry area? :cool: :D
     
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  8. Chrispy

    Chrispy Well-Known Member Premium Member

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    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.
     
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  9. wylie

    wylie Moderator Staff Member

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    If it was in a place I wanted to live, and was not too far gone insofar as having lost all its good features (which it appears to have), I'd turn it into one house and live in it :).

    We fleetingly looked into buying the bible college in Katoomba years ago when it was listed for about $1M. I went as far as calling the agent to get a price, but it was just a bit of a dream. It ended up being turned into a very swanky hotel. I thought my parents and my brother and his wife and kids could all live there... a pipe dream.

    It is now the Palais Royale. I heard what they spent on turning the dozens of bedrooms back into what it used to be, and it was millions.
     
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  10. Owlet

    Owlet Well-Known Member

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    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.
     
    Last edited: 23rd Aug, 2015
  11. mini2

    mini2 Well-Known Member

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

    Chrispy Well-Known Member Premium Member

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