Kensington’s former The Rising Sun Hotel offering buyers ultimate investment property with six units – realestate.com.au

News Corp Australia Network

A prominent building in the heart of Kensington that was once a popular hotel is offering prospective buyers much more than meets the eye.

The former Rising Sun Hotel at 36 High St, which has an illustrious history that dates back to the late 19th century, has hit the market for the first time in almost 20 years.

The building has been transformed since its days as a hotel to include six apartments across two floors, all of which are leased.

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The State Library of South Australia says the site became the Rising Sun Hotel when the licence was transferred from its original site at 64 Bridge St in the 1880s.

Williams Real Estate agent Jonathon Kiritsis, who is selling the property with Matthew Paternoster, said it was a hotel up until the early 1900s and has since been renovated to include the self-contained units.

“It hasn’t transacted for 20-odd years,” he said.

“It’s been a really good investment for the owners – it’s always attracted good interest in the rental market.

“They’ve held it as a long-term investment and now they feel it’s a good time to move it on.”

Mr Kiritsis said five of the units were leased through the rental market while the sixth fully-furnished one was used as an Airbnb.

They had a combined income of about $132,000 per year, he said.

Mr Kiritsis has been inundated with calls from local, interstate and overseas prospective buyers interested in the property.

“The phone hasn’t stopped ringing – the investors are certainly turning their heads towards this property,” he said.

“We’ve had a stack of local interest from investors and developers and we’ve had two overseas inquiries as well.”

He said some people were interested in purchasing then renovating and selling them individually, which could be done with consent from the local council.

The Rising Sun Hotel’s original site on Bridge St is now operating as The Rising Sun Inn, a boutique restaurant and bar since 1983.

The property will go to auction at 12.30pm on August 26.