Situated on a 557sqm Crown land-leased site, the facility’s central location offers flexible zoning conditions, allowing for a range of redevelopment options.
This includes residential and allows for an increased height up to a maximum of 28m as well as no gross floor area restrictions, subject to the relevant planning approvals.
In tandem, the asset offers the flexibility of a powerful and ongoing branding opportunity with YHA or the ability to acquire the property with vacant possession.
The offering comprises 264 beds across 65 accommodation rooms, with a mix of private rooms, family rooms and co-living accommodation, in addition to a manager’s residence, café restaurant with a bar and lounge, and indoor swimming pool, spa and sauna, TV/games area, rooftop BBQ terrace area and traditional communal facilities.
Mr Tran noted, “Dispelling the notion that the YHA is focused on independent travellers, this property and the wider YHA network is well patronised by school groups and excursions. The asset monopolises this niche Canberra market, providing one of the few modern budget accommodation venues for school groups who are visiting the capital’s museums, sports and science centres, and Parliament House.”
Ms Manvell added, “Situated in the economic centre of Canberra, the business has a strong grip on the affordable accommodation market with seemingly no other hostel competitor within the Canberra City area, placing it in an ideal position to leverage future growth opportunities.”
Expressions of Interest for 7 Akuna Street close October 28, 2021, unless sold prior.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.