This article is from the Australian Property Journal archive
THE Artemus Group has settled on their 2023 purchase of Manly Wharf, officially moving in as the new owners and moving ahead on community consultation to elevate the landmark site.
The heritage listed Manly Wharf was constructed in 1855 as a passenger terminal for the Sydney to Manly Ferry and has since been redeveloped into a hospitality destination with venues such as Queen Chow, Hugos and Manly Wharf Hotel.
Simon Rooney and James Douglas from CBRE negotiated the deal last June on behalf of Robert Magid’s TMG Developments, who acquired the long-term leasehold back in 1995.
“We’ve had a transformational focus on Manly Wharf, which was rundown when we acquired it,” said Magid.
“Our repositioning strategies have had a significant impact and we look forward to seeing how this iconic asset continues to evolve under new ownership.”
Magid has been selling down his assets, divesting the five-star Harbour Rocks Hotel in Sydney for $40 million last summer, and Melbourne CBD’s historic Hotel Lindrum for $50 million last year.
Artemus Group has also snapped up Manly Wharf Hotel, with the combined deal valued at $110 million.
The new owner is renowned for its work on Australian real estate and hospitality destinations and are the owner of Brisbane’s iconic Howard Smith Wharves (HSW).
Artemus Group’s founders and directors, Adam Flaskas and Paul Henry, and CEO, Luke Fraser say they are committed to working with the Manly community on plans for the wharf.
“With an ever-expanding portfolio of restaurants, bars and real estate, we are experts at revitalising waterfront precincts and transforming them into thriving community and cultural hubs. We champion local quality and a pioneering spirit and are proud to be building a legacy for future generations to enjoy,” said Flaskas.
“Manly Wharf represents an incredible opportunity for the group – we want to bring our energy, community focus and vision to Manly. We will be making some initial improvements while we continue to operate business as usual.”
Manly Wharf is now occupied by around 20 speciality tenancies and still serves as a popular gateway to Manly and Sydney’s northern beaches, with approximately 2.5 million commuters and day trippers passing through the adjoining ferry and bus terminals each year.
“Trophy retail properties such as Manly Wharf are historically tightly held, rarely traded, and highly sought after. This underpinned significant interest in the sale, as did the site’s iconic harbourfront location, high profile tenant offering and robust trading performance,” said Rooney.
