- Lot 10, 1A Macquarie Street was sold for $11.5 million - $153,358 per sqm
- The record was last broken just this year
- Was sold amid hotly contested investors
A shop in Circular Quay has – for the second time this year – broken the Australian retail record.
Lot 10, 1A Macquarie Street was sold prior to auction for $11.5 million, equating to $153,358 per square metre.
Currently securely leased to Guylian Belgian Chocolate Café, the versatile shop is located near the steps of the Opera House with clear views of the Harbour Bridge and Circular Quay terminals.
The deal topped the previous record, only set two months ago, by about $20,000sqm.
Colliers National Director of Asia markets Joseph Lin noted the sale attracted genuine local and interstate interest from well-known Asian demographic hotspots, in particular from high-net-worth individuals in Sydney and Melbourne.
“Having received over 100 enquiries and facilitating numerous contract requests, the property was sold just days prior to the scheduled auction date,” Mr Lin said.
Colliers Senior Executive of Sydney CBD Sales Angus Windred added the shop provided one of the rarest opportunities within the Quays.
“A showpiece for anyone’s portfolio, we certainly aren’t surprised with the result as we were anticipating this to be one of the hottest and most watched auctions of 2022,” said Mr Windred.
“Circular Quay forms one of the most expensive and competitive retail markets in Australia and with Lot 10 holding an extremely rare and valuable restaurant license and long term secure covenant, the asset was targeted by a range of investors and occupiers with four parties narrowly missing out as they were aiming to attend the auction on the day,”
Peter Li, Plus Agency General Manager
Plus Agency Sales Manager Leanna Pan said the ongoing commitment from the NSW government to the area would further enhance the viability of Sydney’s waterfront.
“Circular Quay’s luxury commercial and residential market is performing incredibly well with investors and owner occupiers eyeing off the NSW Government’s initial $200 million commitment announced for the rejuvenation of the Circular Quay Ferry Terminal,” she said.
In just several months, the foursome alone have transacted $21.25 million worth of property along Cirucalr Quay’s Macquarie Street alone.
“Prior to the sale of both Lot 10 and 11, the previous Australian record was also set in Circular Quay just over a year ago, with a 44 sqm shopfront selling at a rate of around $113,000 per sqm,” said Plus Agency Executive Partner Fiona Yang.
“This signifies an increase of almost 40 per cent in capital values in a year.”