5-7 Oatley Rd, Paddington hits market as boarding house investment opportunity

Long-term social housing tenants in Sydney’s inner-east have been evicted as the Victorian era boarding house is put on the market in a “exceptional sales opportunity”.

5-7 Oatley Rd Paddington, Picture: D'ettore Real Estate. for Wentworth Courier

Tenants of an inner city boarding house have been evicted as the charity owners look to sell the Victorian era terraces after seven years.

The adjoining properties at 5-7 Oatley Rd Paddington were listed for sale on June 21, described as an “exceptional, and rare investment opportunity”.

The property, which was built in the late 1800s, is listed as being up for auction, although it is understood the owners are hoping for an off-market sale with “multiple buyers circling”.

In preparation of the sale, 16 of the tenants, many of whom are long term, were issued eviction notices back in March, ordering them to leave by June 7.

At present there are two tenants currently residing at the premises, who are due to face the tribunal to dispute their eviction.

5-7 Oatley Rd Paddington, Picture: D'ettore Real Estate.

One former tenant said occupants feared their belongings would be thrown on the street if they didn’t move out within the 60 days time frame.

The 14 other tenants were moved into new accommodation, arranged by community housing provider Jewish House, who had been leasing the Oatley Rd dwellings from a philanthropist backed charity.

The boarding house is up for sale.

The outside of the property.

According to the listing by D’ettore Real Estate, the 16-studio boarding house had “long-term capital growth potential” with annual rental income predicted to be $380,640.

The 16 dwellings are made up of single, double and triple studios with both buildings having a communal outdoor space and coin-operated laundries in each terrace.

The last time the property was on the market was back in 2018 when it sold for $5.2m.