Sydney's Manly Wharf on sale for $80m
Sydney’s Manly Wharf, seen as the water gateway to the Northern beaches is yours to buy for an estimated $80 million following the move by the developer, the private Robert Magid, to restructure his property portfolio.
Being the home of an array of popular eateries and the famous Manly ferry stop, the site built was in 1855 as a passenger terminal. It was then transformed into a food and beverage mecca by Magid’s TMG Developments after they acquired the long-term leasehold in 1995. Transport NSW own the original lease.
The leasehold is being offered for sale as part of an intergenerational change in the structure of the family owned TMG Developments, with the Harbour Rocks Hotel in Sydney, the Hotel Lindrum in Melbourne and a major Mulgrave development site having also been divested to recycle and redirect capital.
Under TMG ownership, the once dilapidated area was given a $9 million facelift about eight years ago which saw the arrival of 20 specialty tenancies and is now home to venues such as Hugo’s, The Wharf Bar, Sake, Queen Chow, El Camino and the Bavarian Bier Cafe.
At the time Magid said his plan was to “truly cement Manly Wharf’s position as the premier waterfront and entertainment destination in Sydney, and indeed the world”.
Initially, TMG had proposed an extension of the structure to include a 200-room, six-storey hotel, but that was knocked back by Manly council.
Advisors on the sale, CBRE’s directors Simon Rooney and James Douglas said Manly Wharf would generate interest from a range of buyers due its captive customer audience, generated by the approximately 2.5 million commuters and day trippers.
“Trophy retail assets such as Manly Wharf are historically tightly held, rarely traded, and highly sought after.,” Rooney said.
According to the agents, the site offers multiple “value-add” opportunities including improved amenity from the proposed Wharf 3 and Manly Cove Upgrade as part of the $205 million NSW Government maritime stimulus program.
“The flexibility around the future potential to strategically remix the tenancy profile and capitalise on multiple value-add opportunities will be a major draw card for both domestic and international capital.”
Transit hubs are now becoming the new retail frontier with developers giving commuters more offerings to keep them interested while they wait for their transport.
It is a captured market as people are willing to stop and shop as they walk to and from the station, ferry, or while waiting at an airport.
At Circular Quay, Transport for NSW last week appointed the consortium of Capella Capital, Lendlease Construction and BESIX Watpac, to work on the area’s renewal project.
The developers will work alongside the State Government, First Nations advisors and key stakeholders to plan and design the transformation the historical precinct and transport hub, into a what will be considered a world-class destination.
Circular Quay, also known as “Warrane”, is the place of first contact between the Eora people and the First Fleet.
Transport for NSW has said the renewal will create a more dynamic place for visitors and locals to enjoy, with new retail, dining, spaces for arts and culture, as well as modern and accessible transport interchanges with new ferry wharves and an upgraded train station.
The managing director of construction at Lendlease Australia, David Paterson, said Circular Quay is the symbolic gateway to Sydney’s world-famous harbour and city, and a place with “deep cultural and historical significance”.
“Alongside Lendlease’s Sydney Place and One Circular Quay developments, this planning and design project consolidates our revitalisation of the Circular Quay precinct,” Paterson said.
