On offer for sale is two adjacent dwellings currently being used as an 86-bed backpacker hostel trading as Barnacles Backpackers.
The freehold and the going concern business are on offer on a walk-in walk-out basis with an optional onsite management contract or a ‘sell and leaseback arrangement’.
The business is for sale with its plant and equipment, furniture, fittings, and goodwill.
The property and the business have been valued at $1.310 m in September 2016 by Herron Todd White QLD but they are on offer for sale at a big discount to achieve a quick sale following a partnership breakdown.
The asking price of $890,000 is equivalent to the apportioned value of the freehold land and improvements. Vendors are not seeking any compensation for the business value, assessed at $420,000 in the valuation report.