The pair, who own and operate the Exchange Hotel on Bradley Street, are grasping all the opportunities Goulburn has to offer.

In January the two purchased old Kennedy House on Market Street, previously used by St Vincent de Paul as short-term accommodation for homeless men, ceasing operations in 2014.

The Market Street site is now providing low-cost accommodation for $60-$70 per night or $200-$250 per week.

Thirty of its 38 rooms have been furnished so far, with plans to renovate all the rooms and common areas.

Mr Youssef plans to open a juice bar and cafe downstairs for the public, and add a ramp for access out front.

He said the cafe would be a health food and drink spot and different to what other local eateries are selling. 

He told the Post he would be approaching Goulburn Mulwaree Council with these plans “very soon”.

The two were unaware the property was on the market until unexpectedly contacted. A month after purchasing the site, a company – which Mr Youssef did not disclose – signalled an interest in using the space.

Before they open the cafe and lease the Market Street site, they intend to reopen doors to The Carlton Hotel on Sloane Street.

“We’ve got an extra five rooms at the back, which will be upmarket suites. We’re just going through the final touches now,” he said.

Having bought his first Goulburn property four years ago, Mr Youssef believes the district will continue to boom and provide greater investment opportunities.

“This is an expansion to our business,” he said.

“There are lots of people coming from Sydney’s rat race. Housing is not affordable [there].

“Here, the scenery is beautiful, there are nice open roads, this is a nice place to be.”

Mr Youssef said a sign would soon be erected outside the Market Street site for the public.

“People are encouraged to come in and look around. Our contact details are up on the wall,” he said.

“It seems that everyone has a story about the place.”

The Market Street accommodation is open 9am-9pm.