This article is from the Australian Property Journal archive
ROBERT Magid, film producer and owner of The Australian Jewish News, is looking to offload one of the country’s premier waterfront destinations by selling the iconic retail and hospitality precinct of Manly Wharf, which could fetch over $80 million.
Manly Wharf was into a centre for renowned food and beverage offerings after the long-term leasehold was acquired by Robert Magid’s TMG in 1995.
Simon Rooney and James Douglas from CBRE have been exclusively appointed to sell the asset via an international expressions of interest campaign.
Built as a passenger terminal in 1885, the wharf is now home to around 20 specialty tenancies, including renowned venues such as Hugo’s, The Wharf Bar, Sake, Queen Chow, El Camino and the Bavarian Bier Café.
“Trophy retail assets such as Manly Wharf are historically tightly held, rarely traded, and highly sought after. 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,” said Rooney.
TMG Developments is selling the asset as part of an intergenerational change in the structure of the family owned company, which has also seen the divestment Harbour Rocks Hotel in Sydney, the Hotel Lindrum in Melbourne and a major Mulgrave development site, as part of a $400 million portfolio.
Manly Wharf serves as a highly patronised 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 and supported by a high-earning residential catchment.
“The property offers multiple value-add opportunities including precinct activation and improved amenity via the proposed Wharf 3 and Manly Cove Upgrade as part of the $205 million NSW Government maritime stimulus program. There is potential for these works to commence in 2023, which will further enhance the profile of the precinct and drive additional income growth for the asset,” added Rooney.
While the wharf’s current secure income profile already offers between 3% to 4.5% per annum in-built capital growth potential.
The international expressions of interest campaign for Manly Wharf is set to close in March 2023, leaving plenty of time to acquire the long-term lease to Transport NSW.
