Sydney Inner-West Accommodation Asset Sold by HTL Property and X Commercial

HTL Property, in conjunction with X Commercial, is pleased to announce the sale of a 14 -room Victorian
boarding house located at 1 Johnston Street Annandale, in Sydney’s inner-west.

HTL Property Director, Nic Simarro alongside X Commercial’s Lachlan Palm and CEO Daniel O’Brien,
steered the auction campaign on behalf of 1 Johnston Street Pty Ltd.

During the busy auction campaign, the agents coordinated over 15 inspections and sent out 13
Contracts for Sale. This activity resulted in 3 bidders competing for the property at auction in Sydney
CBD on October 10; and the property was ultimately acquired by a private Chinese family, the Wangs.

1 Johnston Street offers boarding house style accommodation across 14 rooms; there exists communal
bathrooms and a kitchen, however some of these rooms were inclusive of these. The gross annual
income is approximately $182,000 with scope to increase this number substantially following the
expiration of a number of ‘under-rented’ leases.

The boarding house is positioned upon 450 sqm* of land and is surrounded by transport, restaurants,
bars and other amenities.

“Recent sales of boarding houses in metropolitan Sydney have highlighted a significant trend in the
property market, driven largely by the ongoing rental boom and rising demand for affordable
accommodation” commented X Commercial Associate Director, Lachlan Palm.

“1 Johnston street was underpinned by its premium location and genuine upside resulting in such a
strong result” Palm added.

“This successful sale result boasts the benefits of strong collaboration between two high -performing
agencies, with an enormous investor pool reached during the sales process” believes HTL Property
Director, Nic Simarro

“Consequently, this exceptional reach resulted in a sharp 3.3% net initial yield on the subject asset”
concluded Simarro.

End.

*Approx.