CBRE and Stonebridge are delighted to exclusively offer for sale Campbell's Stores, a once in a generation investment opportunity to acquire a landmark waterfront dining and hospitality destination located within the prestigious 'The Rocks' precinct. Campbell's Stores commands attention with its positioning between the world's most recognisable and iconic landmarks - Sydney's Harbour Bridge and Opera House.
- Award winning, major restoration and refurbishment completed in 2019
- Substantial depreciation benefits and minimal capital expenditure upon purchase
- Sydney's premium and most experienced F&B and event operators each with over 30 years of industry experience
- 100% occupied, offering security of income supported by strong tenant covenant
- Long tenure through a 6.7-year WALE (by income), a diversity of income and further term(s) from multiple tenants
- Prominent location within historic 'The Rocks' precinct, located directly adjacent to the Park Hyatt Hotel and Overseas Passenger Terminal
- In proximity to other significant visitation drivers including Shangri-La Sydney, Harbour Rocks Hotel, Museum of Contemporary Art Australia
- World-renowned, major international and local destination in proximity to Circular Quay which benefits from over 95,000 commuters each day or 34.5m passenger movements p.a.
- Exceptional expense protection - 81% of tenants on net leases (by gross rental income)
- Strong rental growth aligned to average weighted increases of 3.2% p.a.
- Outstanding year-on-year Moving Annual Turnover uplift of over 40%
- Expansive total trade area of 4.9m, projected to reach 5.8m by 2041 (1.0% growth p.a)
- Affluent resident population, with per capita incomes of $83,956 within a 15-min drive time, 52% above the Australian benchmark
- Diverse customer base - including worker and visitor markets with more than 1.1.m domestic overnight visitors (CY 2022) to The Rocks precinct
- High spending worker trade area population estimated at 146,060 (2021)
- Potential upside and opportunity for future redevelopment, subject to relevant approvals
- Estimated fully leased net income of $5.1m
All figures are approximate only
Financial Data as at 1 June 2024
MAT growth 31-Dec-22 vs 31-Dec-23 MAT
Location IQ data as at Feb-23
Campbell's Stores is for sale via an International Expressions of Interest closing Thursday 4th April 2024 (AEDT).
To obtain further information or to arrange an inspection, please contact the exclusive selling agents.
