The current leaseholder of Manly Wharf is divesting from the historic landmark and has put it on the market for $80 million. As reported by SMH this week, anyone willing to pony up the hefty sum will find themselves the enviable new leaseholder of not just a rich slice of Northern Beaches history, but an entire precinct that encompasses various restaurants, food outlets and bars.
Big wig Robert Magid, the publisher of The Australian Jewish News, is seemingly parting ways with the coveted property as he puts things in place for generational change, spurring him to sell the lease as well a few others around Sydney and Melbourne which he purchased as part of his TMG Developments company.
Manly Wharf, for which TMG Developments has been the leaseholder since 1995, has been around since 1855 and is one of Sydney’s most important passenger terminals. After significant wear and tear, it was given a $9 million facelift around eight years ago, resulting in the kind of highly developed, commercial property Sydneysiders would know it for it today.
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Currently, there are 20 specialty tenancies sitting on Manly Wharf, including perennial money-makers like Hugos Manly, Wharf Bar, and The Bavarian as well as fast-casual favourites like Betty’s Burgers and Guzman y Gomez.
Around 2.5 million commuters and day-trippers pass through Manly Wharf each year, which makes owning the lease all the more enticing for investors.
CBRE directors Simon Rooney and James Douglas, who are advising on the sale, have said there are also numerous “value-add” opportunities to up the value even higher, from the planned amenities of Wharf 3 to the Manly Cove upgrade proposed as part of the NSW government’s $205 million maritime stimulus program
Sydney is far from cities like Tokyo when it comes to properly building its transit hubs up as substantial retail and dining precincts, but Manly Wharf is one of the few exceptions. That ridiculous amount of commuters would qualify as a significant “captured market,” which is likely always going to ensure Manly Wharf some level of success.
