LOST THE PLOT: Tiny hotel room's hefty price tag

WALKING into the 3.8m wide room via a short hall, on the left there is a bathroom and to the right a small kitchenette.

At the end of the room is an east-facing balcony but no view. The entire studio is 30sqm-38sqm with the balcony.

Residents have the use of a swimming pool and a gym but the apartment is small. And there is no parking.

Agent Toby Hutton says Manly property market is booming right now. Photo: www.realestate.com.au

Toby Hutton, of Raine and Horne Manly, said all real estate in Manly was red hot at the moment.

The Waterside building, off The Corso in the pedestrianised Sydney Rd area, was once a hotel with a Black Stump restaurant on the ground floor.

The sale of the studio represents $17,708 per square metre or per stride.

The kitchenette is also small. Photo: www.realestate.com.au

"This studio could command $525 per week on a long lease which is 4 per cent net yield plus of course there is the chance of capital growth," Mr Hutton said.

Another unit in the Sydney Rd block has come to the market this week - unit No. 120 has a price guide of $480,000.

Agent Paul Arthur, of Laing and Simmons, said whenever he listed anything in Manly it always got strong interest.

This story originally published on www.realestate.com.au

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