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Long-time boarding house family operators Sheryl Gore and her daughter and son-in-law Louisa and Kieran Nicholls beat six other bidders to secure Manly Guesthouse, located at 6 Steinton Street Manly.

The business partners plan to preserve the 54-bed guesthouse for backpackers and people on a tight budget.

Vincent West, Director of Raine & Horne Commercial Northern Beaches, finalised the sale in late 2017, which was well above the vendor's expectations. He commented: “Manly Guesthouse was a unique opportunity to purchase a rare landmark freehold property and business in Manly, one of Sydney’s iconic beachside suburbs.

“Manly is the main tourist hub of the Northern Beaches, due to its ease of access to the CBD via ferry.”

In 2016, the total number of international and domestic visitors to Manly was 2.4 million, and almost one in five (19%) who stayed overnight in Manly were backpackers, according to the Australian Bureau of Statistics.

The youth market (15-29 years) accounted for 41% of international visitors who stayed overnight in Manly, while the second most significant age group was the 30-39-year-olds (18%).

"The buyers recognised that this purchase would address local concerns about dwindling bed numbers in Manly for those seeking budget accommodation," said Vincent.

“This was a unique opportunity to purchase a rare landmark freehold property and business in an iconic location, which is just a 30 second walk to Manly Beach.”

The property consists of a three storey, 19 room building on a 259 square metre freehold site with a land value of $1.9 million.

View more Raine & Horne Commercial Northern Beaches properties for sale and for lease (https://www.rhcommercial.com.au/northernbeaches) or call us on 02 9939 6788.