A domestic investor has wasted no time in securing a budget accommodation venue in Sydney's inner west, purchasing the Glebe YHA for an undisclosed amount one week ahead of its scheduled auction.

Situated at 262-264 Glebe Point Road, the four-storey asset comes with a basement and rooftop, with site also carrying luxury development potential.

According to CBRE, which brokered the deal, the buyer is in the development sector, but also owns and operates a number of budget accommodation assets across the east coast of Australia.

At a glance:

• A budget accommodation asset in Sydney's inner west has been sold prior to auction through CBRE.
• The sales campaign for Glebe YHA garnered more than 300 enquiries.
• The four-storey asset includes a basement and rooftop.

The sale follows a competitive marketing campaign, during which 310 enquiries were received and 80 inspections were conducted. 

Selling agent Andrew Jackson told WILLIAMS MEDIA the response took them by surprise.

Source: CBRE

"We were literally right in the middle of the onset of the Covid-19 pandemic and the restrictions that we were all facing but still managed to get more 50 groups through this property in the first formal week of inspections," he said.

"While hotel investment volumes have been low so far in 2020, there is still genuine interest in well-located accommodation assets, demonstrated by this sale.

"We anticipate an acceleration in activity as the year progresses, as restrictions gradually lift and we all start to see a little more of our own wonderful country and holiday at home."

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