Colliers brokers the sale of Boardrider Backpackers in one of Sydney’s most prestigious coastal suburbs.
Colliers has successfully negotiated the sale of Boardrider Backpackers in Manly, Sydney, marking a significant transaction in one of Australia’s most prestigious coastal suburbs. The property, located at 63–67 The Corso, sold for $12.5 million in a deal managed by Colliers agents Tom Appleby, Karen Wales, Eugene White and Jackie Su.
Built in 2001 and operated by the same owner for 25 years, the property has long been a fixture of Manly’s vibrant hospitality scene. Previously home to a Crazy Prices Woolworths, the site was transformed into a 28-room backpacker hotel featuring a ground floor café, expansive communal areas and a rooftop terrace with elevated views over Manly Beach and The Corso.
Tom Appleby, Colliers Head of Sydney North Sales, noted, “The asset’s flexible fundamentals appealed to a vast variety of prospective purchasers with 361 enquiries in total. The buyer ultimately saw greatest value in the potential to reposition the existing accommodation offering. It’s very rare to be able to acquire 1,000+ sqm of building area in the middle of Manly.”
The property was sold as a going concern with the benefit of upcoming vacant possession, with the purchaser planning on repositioning and upgrading the existing accommodation.
Karen Wales, Colliers Head of Hotels, added, “Manly is one of Sydney’s most iconic and tightly held beachside suburbs, surrounded by water on three sides and offering a unique blend of lifestyle, connectivity and amenity. The site’s dual frontage and elevated views make it ideal for boutique accommodation and residential. With strong tourism numbers and rising residential demand, the future of this asset is incredibly exciting.”
New South Wales is setting its sights on becoming Australia’s tourism powerhouse, with the Minns Labor Government unveiling a bold new Visitor Economy Strategy designed to deliver $91 billion in annual visitor expenditure by 2035. At its core, the strategy focuses on making it easier for visitors to come to NSW, elevating the state’s global profile, driving growth through a year-round calendar of major events, expanding immersive and culturally rich experiences, and harnessing data and insights to shape policy and marketing. Interim targets include generating $59 billion by 2026 and $71 billion by 2030, setting a staged path to the final $91 billion goal.
Manly continues to act as the gateway to Sydney’s Northern Beaches, attracting over eight million domestic and international visitors annually. The suburb has also seen significant growth in unit prices and rental demand, reinforcing its appeal and duplicity to both investors and developers.
The sale of the Boardrider Backpackers reflects the strength of Sydney’s beachside property market and the growing appetite for assets that offer repositioning and redevelopment potential in prime lifestyle locations.
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