Castaway's Backpackers - Prime City Fringe Investment Opportunity

Positioned on a generous 1,012m² freehold allotment at the junction of Sheridan Street and the Captain Cook Highway, Castaway's Backpackers delivers unparalleled vehicle exposure and premium signage potential.

This fully approved, turnkey hostel is offered on a "WIWO" (walk in, walk out) basis and comes complete with all current accreditations-making it a hassle-free acquisition with strong cash flow upside.

Key features include:
- 34 rooms in total (including dedicated manager's suites)
- Expansive communal spaces featuring multiple entertaining areas, dining and media rooms, plus a large pool
- Amenities and kitchens servicing both levels, ensuring guest convenience throughout
- Coin-operated laundry system, minimising management overheads while enhancing guest service and income
- A brand-new 40kW solar system, dramatically reducing operating costs and enhancing sustainability

Located in close proximity to the soon-to-open University Hospital, Cairns Base Hospital, and Cairns State High School-this property is well-positioned to meet future demand for affordable accommodation and student housing.

With vacancy rates at an all-time low and robust market fundamentals driving demand for budget-friendly stays, this asset represents a "safe as houses" investment. It offers reliable commercial cash flow today and significant upside for future development-whether expanding the existing hostel, converting to purpose-built student housing, or pursuing broader mixed-use redevelopment.

Don't miss this rare opportunity to secure a high-exposure, income-generating asset on the doorstep of the Cairns CBD-perfectly positioned for long-term capital growth.

Contact David Murphy today to receive a full Information Memorandum.

Explore the area

School catchments

Cairns State High School Secondary 7-12 Government 0.39km
St Monica's College Secondary 7-12 Catholic 0.94km
The BUSY School Secondary 11-12 Independent 1.1km
Mungalla Silver Lining School - Carins Temporary Facility Secondary Independent 1.1km
Indie School, Logan - Parramatta Park Campus Secondary Independent 1.2km
Mastery Schools Australia - Cairns Campus Combined Independent 1.2km
Parramatta State School Primary Prep-6 Government 1.2km
St Augustine's College Secondary 7-12 Catholic 1.4km
St Joseph's School Primary Prep-6 Catholic 1.4km
FNQ Vocational Academy Secondary Government 1.4km
Trinity Bay State High School Secondary 7-12 Government 1.8km
Mother of Good Counsel School Primary Prep-6 Catholic 1.8km
Cairns School of Distance Education Combined Prep-12 Government 1.8km
Edge Hill State School Primary Prep-6 Government 2.6km
Cairns West State School Primary Prep-6 Government 2.7km
St Francis Xavier's School Primary Prep-6 Catholic 2.8km
Balaclava State School Primary Prep-6 Government 3.3km
Whitfield State School Primary Prep-6 Government 3.9km
Mooroobool Silver Lining School Secondary Independent 4.1km
Our Lady Help of Christians School Primary Prep-6 Catholic 4.4km
Woree State School Primary Prep-6 Government 5.6km
Woree State High School Secondary 7-12 Government 5.7km
Freshwater Christian College Combined Prep-12 Independent 6.5km
St Gerard Majella Primary School Primary Prep-6 Catholic 6.5km
Freshwater State School Primary Prep-6 Government 6.6km
St Mary's Catholic College Secondary 7-12 Catholic 6.8km
St Andrew's Catholic College Redlynch Valley Combined Prep-12 Catholic 7.1km

Nearest schools, measured in a straight line from the property. Provided as a guide only; check catchment and enrolment eligibility with the school. School data © ACARA, licensed under CC BY 4.0.

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