Located just 100 metres from the world-famous Manly Beach, this prime asset at 63-67 The Corso offers flexible fundamentals that cater to a variety of potential uses and is being offered for sale through Colliers’ Karen Wales, Jackie Su, Tom Appleby and Eugene White.

With Development Approval (DA) already in place for 12 luxury residences, the property presents an exceptional opportunity for transformation into high-end living spaces. Alternatively, it can be utilised for co-living, serviced apartments, flashpacker accommodation, student accommodation or as office and retail spaces, subject to council approval (STCA). This flexibility makes the asset highly attractive to a wide range of prospective purchasers.

The property currently operates as a strong revenue-generating 28-room backpacker investment, offering immediate income potential. Its DA approval for luxury residences and retail spaces further enhances its appeal, providing multiple repositioning and value-add propositions for investors. Whether one chooses to maintain its current use or develop it into luxury accommodations, the property’s versatile nature ensures significant returns.

“In the wake of the global pandemic, the hostel industry is witnessing a remarkable recovery. According to the Hostels Global Market Report 2023 by the Business Research Company, the sector is projected to grow from $6.04 billion in 2022 to $6.35 billion in 2023, eventually reaching $7.65 billion by 2027. The Asia Pacific region is identified as the largest and fastest-growing market, signalling a robust future for the industry” Head of Hotels Karen Wales said.

 “As the primary entry point into Australia, Sydney has consistently drawn a significant number of backpackers, with over 400,000 visitors and 10 million visitor nights spent in backpacker accommodation annually.”

This vibrant city remains a top choice for travellers from Europe, especially from Germany, the UK, and France. Following the free trade agreement between Australia and the UK, from 1 July 2024, UK backpackers will be eligible to apply for up to three visas under the WHM scheme without the previous requirement of completing three months of specified work thereby ensuring strong future growth.

 “This versatile property offers potential buyers the chance to occupy, invest, and/or develop. Currently owner-operated, the hostel is being sold with the advantage of upcoming vacant possession of management, providing unparalleled flexibility to the new owner” Senior Executive Hotels, Jackie Su said.

 “The hostel commands stunning elevated views of The Corso and Manly Beach and excellent brand visibility due to its location in a high-traffic area. Manly acts as the nucleus of the Northern Beaches, well serviced by bus routes and ferry to the Sydney CBD.”

Situated in a prime beachside position, the asset is surrounded by an abundance of retail, lifestyle, and public amenities, making it an ideal location for both residents and businesses. The vibrant Manly area is renowned for its lively atmosphere, with numerous shops, restaurants, and recreational facilities, all within walking distance. This enviable location not only ensures high demand but also enhances the overall value of the property.

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