Kathryn Welling Manly November 17, 2017 3:00pm
A TRIO of budget accommodation in Manly close to the beach and including the town’s biggest backpackers are for sale.
Three budget accommodation sites in Manly, including the suburb’s biggest backpackers, are for sale and two are primed for redevelopment.
The accommodation represents almost 200 guest beds, are all close to the beach and are being sold within a few days of each other.
The Manly Guesthouse in Steinton St is being offered as a going concern but the Manly Backpackers in Raglan St and a colourful boarding house on the corner of Whistler and Steinton Sts are advertised as potential development sites.
Manly real estate has been the best performer on the northern beaches with 116.5 per cent growth in five years. The median house price for Manly is now $3.15 million.
The largest of the three guest accommodation sites is 713sq m of land at 22 Raglan St, the former fire station.
The two and three storey buildings are tenanted to Manly Backpackers and the business has two three-year lease options it can take up.
Toby Silk, of CBRE, said the site has potential to develop, is zoned medium density residential and is just 200m from Manly Beach.
“The market is viewed by many owners as being at its peak, with some looking to capitalise on these conditions,” Mr Silk said.
“Depending on their underlying zoning, some also provide the benefit of future residential conversion into high end luxury apartments,” Mr Silk added.
The backpackers can take up to 114 travellers and has a passing income of more than $446,000 a year. Expressions of interest close on Wednesday November 29.
The second site is the Manly Guesthouse at 6 Steinton St, a 19-room guesthouse that can take 51 visitors and an onsite manager’s accommodation.
Vincent West, of Raine and Horne Commercial, said the guesthouse is a successful business. It is on 259sq m of land and also zoned medium density to a three-storey height limit. The Manly Guesthouse is being auctioned on Thursday December 7.
The third site is an old boarding house on the corner of Steinton and Whistler Sts that has been in the same hands for almost half a century. Alicia Ryan, of Ray White Manly, said the boarding house had a colourful history, could take 28 guests but had huge potential to redevelop with a corridor view to the beach. The boarding house is being auctioned on Thursday November 30.
According to Destination NSW 458,100 international backpackers visisted the State last year, stayed on average 31.7 nights in NSW and each spent on average $2,511.
More than 280,000 visitors to Manly stayed overnight in 2016.
Originally published as Three prime Manly sites for sale
Kathryn Welling Manly November 17, 2017 3:00pm
