Located at 132 Bourke Street, Woolloomooloo, the recently refurbished three-storey hostel is currently operating as Cozy M but is being offered for sale with vacant possession.

Set on a 215-square-metre site, the building comprises 21 rooms with shared bathroom facilities, communal areas, recreation rooms, and a covered rooftop terrace with panoramic city views. The net lettable area is approximately 500 square metres and has recently undergone refurbishment to modernise the property’s facilities. 

The property’s flexibility allows for use as backpackers’ accommodation, a capsule hotel, boarding house, student accommodation, or conversion into residential apartments.

Situated on the eastern side of Bourke Street, 90 metres north of William Street, it is conveniently located within walking distance of both Sydney CBD and Kings Cross, 500 metres from Kings Cross train station, and 1.8 kilometres from Sydney CBD.

Joint State Head, Asia Markets, Andy Hu said the Bourke Street asset represents a rare opportunity to acquire a prime asset with significant potential. Its proximity to the bustling areas of Woolloomooloo and Kings Cross makes it an attractive option for investors and developers alike.

Hu added, “This property is incredibly versatile. While it currently operates as a hostel, it is equally suitable for use as a backpackers’ lodge, a capsule hotel, boarding house, student accommodation, or even conversion into a single residence or multiple apartments."

Jordan Lee, Joint State Head, Asia Markets said the property’s location and zoning offer immense potential for future growth, making it an ideal choice for a variety of uses.

“This is an exciting opportunity to secure a lucrative, income-producing asset in one of Sydney's most dynamic areas.

“The Sydney hotel market continues to demonstrate robust performance, driven by high occupancy rates and strong demand from both domestic and international travelers. The city's status as a premier global destination ensures sustained growth and resilience in this sector."

Savills is selling the property via Expressions of Interest closing date set for Thursday, 29 August 2024 at 3pm (AEST)

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