One of Sydney’s most famous waterfront destinations – Manly Wharf – has been put up for sale by Robert Magid’s TMG Developments.
Built as a passenger terminal in 1855, the wharf is now home to a retail complex housing 20 food and beverage venues such as Hugo’s, The Wharf Bar, Sake, El Camino and the Bavarian Bier Cafe. Some 2.5 million commuters and day trippers pass through the building annually on their way to and from ferries to downtown Sydney.
CBRE’s Simon Rooney and James Douglas will maange the sale which is expected to generate significant international and local buyer interest.
“Trophy retail assets such as Manly Wharf are historically tightly held, rarely traded, and highly sought after,” said Rooney. “The flexibility around the future potential to strategically remix the tenancy profile and capitalise on multiple value-add opportunities will be a major drawcard for both domestic and international capital.”
He added the property offers multiple “value-add opportunities” including precinct activation and improved amenities thanks to the NSW Government’s proposed Wharf 3 and Manly Cove upgrade.
An international expressions-of-interest campaign to acquire the long-term lease to Transport NSW will close in March of next year.