Bondi Backpackers sells for $18 million to Wake Up! hostel chain

The iconic Bondi Backpackers at Bondi Beach has sold for around $18 million to the Millet family, the family behind the international Wake Up! hostel chain.

It was originally passed in at its Ray White Double Bay auction for $17.8 million.

Comprising 52 rooms and accommodating 138 guests, the landmark property at 108-110 Campbell Parade offers 12 metre frontage and just a road separates it from Bondi Beach.

It offers single rooms to six person dorms.

The ground floor retail tenancies are currently occupied by the Bavarian Bier Cafe and Backpacker World Travel. It brings in $1,364,989 per annum.

Ray White Double Bay’s Craig Pontey said the property’s location was just one of a handful of urban locations that are instantly recognised by international visitors.

“The total income from the property is currently in the order of $1,364,989 per annum, and as an ideal owner-operator business, I believe that there’s considerable potential to increase income,” Pontey told news.com.au.

“There have been a number of recent sales in the immediate area, including the $19.12 million result for 124 Campbell Pde, and this level of interest is further enhanced by the amount of development at Bondi Beach and that includes the $38 million major upgrading of Bondi Pavilion by Waverley Council.”