Australia’s first purpose-built backpackers and one of the last multi-story development sites in the heart of Byron Bay has gone up for sale.
The Accom property has been owned by the same family for over 37 years and currently operates as the Byron Bay Holiday Village Backpackers with a capacity of up to 200 guests.
Byron Bay is recognised as Australia’s most expensive residential city (median house price) with a lack of large, mixed-use town-centre developable opportunities, subdued project pipeline is driving continued interest in the shire.
John Musca from real estate investment management group JLL says: “Byron Bay offers a world-class lifestyle that attracts over 2.2 million visitors annually. Its tourism base is driven by domestic travellers, drawn to its relaxed and eclectic mix of beaches, culture, music and produce and already benefiting from Australia’s renewed domestic travel and remote working focus. Local agents are witnessing the strongest market they have ever experienced”.
Having sold the Beach Hotel in Byron for $104 million Mr Musca noted that the measured approach to new development has assisted in maintaining the areas unique coastal culture, whilst also amplifying the interest in those last remaining sites offering favourable zoning.
Byron’s commercial focus is continuing to extend along Jonson Street where the recently completed Mercato complex will eventually be flanked by a proposed 4-star hotel on the former Woolworths site and a new hospitality and retail complex planned for 90 – 96 Jonson Street. That 5390m2 property was sold for $29.8m in January this year, representing $5,528pm2.
Mr O’Shea expects that interested groups will appreciate this short-term income strategy however the highest and best use for the site is likely to be development.
“The subject site shares the same zoning as the adjoining and recently completed Mercato on Byron development. Now home to Woolworths, Palace Cinemas and a range of other boutique retailers, this adjoining development is a great example of the potential outcomes that could be delivered”.
The 4,282sqm Local Centre zoned property will be marketed by John Musca of JLL Hotels & Hospitality in conjunction with Elliott O’Shea of JLL Metropolitan Investments, via a formal Expressions of Interest Campaign.