Noah’s Bondi Backpackers hostel, with its gun barrel sights of Bondi Seaside, is expected to fetch upwards of $70 million in what is regarded as to be one particular of the most significant growth alternatives for the common beach strip in the earlier decade.
Possessing fielded a lot of unsolicited gives for the 1087 sq. metre, 260-mattress hostel and retail retailers at 2-12 Campbell Parade, the extensive-phrase personal relatives homeowners made a decision to examination the industry for the asset, which comes with rezoning approvals and the heading problem of the backpacker operations.
The hostel manufactured headlines in 2020, and all over again previous yr when it was hard strike by the world-wide pandemic and quite a few beneficial COVID-19 scenarios compelled its closure. Following intensive deep cleaning it has reopened in time for the return of worldwide backpackers and visitors.
The assets is listed with the Colliers workforce of Miron Solomons, Matt Pontey and Henry Burke, with Oxford Agency’s Daniel Marano and Ralph Garofano. The brokers claimed it is found as a gateway web-site for the reason that of its proximity to the well known seaside.
“This is by considerably the premier and most powerful progress chance shipped on the eastern beach locations in the very last decade,” Mr Solomon stated.
With its perfectly-acknowledged vibrant facade, it is predicted the property’s development prospective will catch the attention of curiosity from regional, interstate and global purchasers.
Sydney’s eastern suburbs have been a proven performer in excess of the earlier few many years, with traders and developers regionally and abroad concentrating on far more chance-adverse, tightly held suburban markets.
“With offer remaining limited and the lower desire-charge environment, it is likely that suburbs such as Bondi Seaside will continue on to thrive, in particular as developers go on to shape and change the experience of this remarkable current market,” Mr Marano said.