Site with youth hostel in Sydney’s Collaroy sold

A popular youth hostel in Sydney’s Collaroy and a neighbouring block of units has sold to developers for $14.75 million.

It was listed with price expectations of more than $10 million.

The YHA hostel at 4 Collaroy Street and 1 Alexander Street properties were offered as a consolidated 2,570 sqm development site on behalf of a local private investor. 

The Sydney Beachouse YHA won the best budget accommodation in NSW award in 2000. The hostel has 65 rooms, a pool and is close to Collaroy Beach.

The 1 Alexander Street property is a three-level apartment block comprising five residential units, a storage unit and three retail stores including a café and physiotherapy. 

According to Domain reports, CBRE had marketed the property at $10 million plus, and received 15 offers after 31 contract requests.

Toby Silk, CBRE selling agent, said property developer HCAP purchased the site.

Steve Howell, CEO, HCAP told Domain the block was bought as a “buy, hold and develop in the future kind of purchase”.

“Any development would be in line with that village kind of atmosphere, supported by the council,” he said.

"The purchase was part of an emotional attachment to the area.

“My family lives in Collaroy and the site is as good as you get for large scale, luxury redevelopment along Sydney’s northern beaches.

“It’s a beautiful part of the world.”