Robert Magid’s TMG Developments is moving to sell one of Australia’s premier waterfront destinations, Manly Wharf, in a move tipped to generate significant international and local buyer interest.
CBRE’s Simon Rooney together with James Douglas have been exclusively appointed to steer the sale of the iconic retail and hospitality asset, which is home to renowned venues such as Hugo’s, The Wharf Bar, Sake, Queen Chow, El Camino and the Bavarian Bier Café.
Built in 1855 as a passenger terminal, Manly Wharf was transformed into a food and beverage mecca by TMG after they acquired the long-term leasehold in 1995.
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.
It is being offered for sale as part of an intergenerational change in the structure of the family owned TMG Developments, with the Harbour Rocks Hotel in Sydney, the Hotel Lindrum in Melbourne and a major Mulgrave development site having also been divested in order to recycle and redirect capital.
“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,” Mr Rooney said.
The International Expressions of Interest campaign will close in March next year, providing an opportunity to acquire the long-term lease to Transport NSW.
Mr Rooney noted that Manly Wharf had 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, complemented by a high-earning residential catchment.
This contributes to the asset’s secure income profile, which offers between 3% to 4.5% per annum in-built capital growth potential.
Mr Rooney added, “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.”
Related Articles
