Plans progress for Manly Wharf as new owners move in 

26 April 2024

Artemus Group has officially been handed the keys to Sydney’s Manly Wharf after settling on the landmark purchase. The group, which is renowned for setting new world-class standards for Australian real estate and hospitality destinations, is also the owner of Brisbane’s iconic Howard Smith Wharves (HSW).

CBRE’s Simon Rooney and James Douglas negotiated the deal in 2023 on behalf of Robert Magid’s TMG Developments (TMG). Artemus Group also acquired Manly Wharf Hotel, with the combined deal valued at $110 million.

Following this week’s settlement, Artemus Group founders and directors Adam Flaskas and Paul Henry and CEO Luke Fraser have committed to working with the community in Manly on plans to elevate the Wharf.

“With an ever-expanding portfolio of restaurants, bars and real estate, we are specialists 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,” Mr. Flaskas said.

“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.”

Mr. Henry added, “Our focus is on engaging with the community, so we’d encourage you to come down, say hello and share your stories with us. We’re grateful for the warm welcome we’ve received so far and are extremely proud to join such a vibrant community.”

The heritage listed Manly Wharf was originally constructed in 1855 as a passenger terminal for the Sydney to Manly Ferry. It has since been transformed into a hospitality destination, which is home to an array of venues including Queen Chow, Hugos and Manly Wharf Hotel.

Now home to approximately 20 specialty tenancies, the premium harbourfront site is a recognised international landmark which serves as the highly patronised gateway to Manly and Sydney’s northern beaches, providing a captive customer audience, generated by the approximately 2.5 million commuters and day trippers who passed through the adjoining ferry and bus terminals each year.

CBRE’s Mr. Rooney noted that the value-add opportunities for both income and asset value growth at Manly Wharf, complemented by a high-earning residential catchment, had been key drawcards for domestic and offshore buyers during the sale campaign.

“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,” Mr. Rooney said.

Mr. Magid noted, “We’ve had a transformational focus on Manly Wharf, which was rundown when we acquired it. Our repositioning strategies have had a significant impact, and we look forward to seeing how this iconic asset continues to evolve under new ownership.”