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Strategic Manly accommodation investment for sale through Colliers

Situated just 100 meters from the world famous Manly Beach, this excellent property at 63-67 The Corso offers flexible basic facilities to suit a variety of potential uses and is offered for sale via Karen Wales of Colliers, Jackie Su, Tom Appleby and Eugene White.

Now that there is already development approval (DA) for 12 luxury homes, the property offers an exceptional opportunity for transformation into high-quality living spaces. Alternatively it could be used for co-living, serviced apartments, flashpacker accommodation, student accommodation or as office and retail space, subject to council approval (STCA). This flexibility makes the property very attractive to a wide range of potential buyers.

The property currently operates as a strong, income-generating backpacker investment with 28 rooms. that offer immediate income potential. The DA approval for luxury residential and retail spaces further broadens the appeal and offers investors multiple repositioning and value-adding propositions. Whether one chooses to maintain its current use or develop it into luxury accommodation, the versatile nature of the property ensures significant returns.

In the wake of the global pandemic, the hostel industry is witnessing a remarkable recovery. According to the Business Research Company’s Hostels Global Market Report 2023, the sector is expected to grow from $6.04 billion in 2022 to $6.35 billion in 2023, ultimately reaching $7.65 billion in 2027. The Asia region Pacific is identified as the largest and fastest region. growing market, indicating a robust future for the industry” Hotel manager Karen Wales said.

As the main entry point into Australia, Sydney has consistently attracted a significant number of backpackers, with more than 400,000 visitors and 10 million visitor nights annually in backpacker accommodation.”

This vibrant city remains a top choice for travelers from Europe, mainly from Germany, Great Britain and France. As a result of the Australia-Great Britain Free Trade Agreement, British backpackers will be eligible to apply for up to three visas under the WHM scheme from 1 July 2024, without the previous requirement of completing three months of specified work, providing a strong future growth is guaranteed.

This versatile property offers potential buyers the opportunity to live, invest and/or develop. The hostel is currently owner managed and is being sold with the benefit of vacating management, offering unparalleled flexibility to the new owner.” Senior Executive Hotels, said Jackie Su.

The hostel offers beautiful elevated views of The Corso and Manly Beach and excellent brand visibility thanks to its location in a high-traffic area. Manly acts as the core of the Northern Beaches, well served by bus routes and ferries to the Sydney CBD.”

Situated in an excellent beachfront location, the property is surrounded by an abundance of retail, lifestyle and public amenities, making it an ideal location for residents and businesses alike. The vibrant area of ​​Manly is known for its lively atmosphere, with numerous shops, restaurants and leisure facilities within walking distance. This enviable location not only creates high demand but also increases the overall value of the property.

This exceptional property is available for sale through Expressions of Interest, closing on Thursday 23 May 2024 at 3pm (AEST). Potential buyers are invited to explore this unique opportunity further and arrange a private inspection by contacting the exclusive sales agents. With its unrivaled location, flexible uses and strong income potential, this asset represents a rare and valuable investment in the heart of Manly.