Buy a slice of NSW political and architectural history for $1.4 million
Media release - 23rd October, 2014
The stately Edwardian mansion of former NSW parliamentarian, Mark Fairlies (M.F.) Morton, “Illowra”, has been listed for sale for $1.4 million.
“The listing represents an opportunity to secure one of the Shoalhaven’s finest historical residences, or alternatively, a holiday rental business that is generating a gross yield of 14%,” said selling agent, Jared Cochrane, Co-Principal of Raine & Horne Nowra.
A qualified wool broker, stock & station agent and auctioneer, Morton served as a member of the NSW lower house, the Legislative Assembly, for 34 years. He sat in the Parliament as the Member for Shoalhaven (1901-1904), Member for Allowrie (1904-1920) and Member for Wollondilly (1922 -1938).
Hardly a political maverick in the Billy Hughes mould, Morton was a member of the Liberal and National parties, as well as the United Australia Party (UAP). When he died on 28 September 1938, he was the only surviving member of the 1901 parliament, when the colony of NSW transitioned from British rule to a state in the Australian Commonwealth.
Apart from a decorated career in private enterprise and politics, in 1906 Morton had the good sense to appoint acclaimed English architect Howard Joseland to design and build Illowra. Joseland is renowned as one of the first architects in Australia to reject Victorian-era architecture in favour of an Edwardian style.
A six bedroom home, Illowra, located at 125 Brinawarr Street, Bomaderry, occupies a 5,122 sqm parcel of land just minutes from Nowra’s CBD and 17 kilometres from the popular tourist town of Berry and a number of the Shoalhaven’s finest beaches.
The property also has a formal lounge and grand dining room that both have open fireplaces, not to mention a family room, library, two sunrooms, an informal meals area and a glass conservatory. Several of these spaces can be used as bedrooms allowing the house to sleep up to 24 guests at a time.
Illowra also has four bathrooms and it features 14-foot (4.3-metre) ceilings on the ground floor, a huge country style kitchen and fully-ducted, reverse-cycle air conditioning.
There is a self-contained flat above the oversized triple garage (with storage room and cellar) which provides the potential for two additional bedrooms, a kitchenette and bathroom. The 12.5-metre gas and solar-heated pool and spa can be utilised all year round.
The opportunities with Illowra are numerous, according to Mr Cochrane, especially with the Shoalhaven’s popular wedding industry booming.
“Over the past five years, the number of wedding reception venues located in the Shoalhaven has doubled, with all regularly booked out,” said Mr Cochrane.
“The Shoalhaven is popular with brides and grooms from Sydney as it offers great beaches and rolling green hills backed with a fabulous climate, while the expense of a Shoalhaven wedding is significantly cheaper than in the capital.
“As a consequence, Illowra represents a very successful holiday rental business or one of the Shoalhaven’s most respected masterpieces for homeowners with an affection for history.”
In the 2013/14 tax year, Illowra, currently operating as a holiday rental property, generated a gross income of just under $200,000. The property has been rented every weekend for the last three years and has bookings through until the middle of 2015.
“At the asking price of $1.4 million, this represents a gross return of approximately 14%, and Illowra is regularly one of the highest ranking properties on travel websites such as Stayz.com.au,” said Mr Cochrane.
“The property is being sold as a going concern, as the Sydney-based owners want to honour their current bookings which run to June 2015.
“There has already been plenty of interest in Illowra from Sydney investors and we have fielded offers in the first weeks of marketing.”
For more information about Illowra, contact Raine & Horne Nowra on 02 4423 4600.
For further media information please contact:
Jared Cochrane, Co-Principal, Raine & Horne Nowra on 0404 210 824
Andrew Harrington, National Communications Manager on 02 9258 5400