The Sydney Roosters NRL team has bought a 26-room apartment block across the road from its home ground in leafy Paddington as it builds a real estate portfolio with a value that has already topped $100 million to reduce its reliance on gambling revenue.

The immediate rationale for buying the serviced apartment block converted from a large terrace-style residence on Moore Park Road is to give younger athletes attending the Sydney Roosters Academy a place to live.