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.