- The property was acquired by TMG Developments in 1995
- Howard Street Wharves has acquired the property, along with Manly Wharf Hotel
- Manly Wharf is home to many special tenancies
The famous Manly Wharf has changed hands for $80 million, acquired by Brisbane’s Howard Smith Wharves (HSW).
Constructed in 1855, the passenger terminal for the iconic Sydney to Manly Ferry has since been transformed into a hospitality destination. The now previous owners, Robert Magid’s TMG Developments, acquired the heritage-listed property in 1995.
Home to some 20 specialty tenancies, including Hugo’s, The Wharf Bar, Sake, Queen Chow, El Camino, and the Bavarian Bier Café, the property was listed in December of last year.
HSW also acquired Ben May’s Manly Wharf Hotel business.
Magid said the group was nostalgic about Manly Wharf and that it held a special place in the company’s history.
“It was one of our first property purchases. We purchased it from receivers. It was built back to front with the back to the harbour; tenants not paying their rent.”
Robert Magid, TMG Developments
“But we saw the great potential. We redesigned the wharf, took advantage of the amazing location, added a floor and brought in some excellent tenants.
“We are delighted that we have sold the wharf to such a focused, imaginative and competent team and wish HSW to take the wharf to an international stage.”
Manly Wharf has long been a sought-after asset, said CBRE‘s Simon Rooney, particularly with its gateway status, providing access to the famed Manly Beach and northern beaches.
“Investors were attracted by Manly Wharf’s robust trading performance, renowned tenant offering and flexibility around the future potential to strategically remix the tenancy profile and capitalise on multiple value-add opportunities for income and asset value growth,” added Rooney.
It’s an honour
HSW founder and director Adam Flaskas said, “We are honoured to be the new custodians of the historic and iconic Manly Wharf.”
“We’re looking forward to deeply connecting with the Manly community and providing a family friendly, sustainable and cultural entertainment precinct, offering the freshest, highest quality produce to the local community and visitors of Manly Wharf.
“With such incredible history in the area, we’re excited to embark on this new journey, breathing new life into such an iconic site. Manly has a loyal community that welcomes people from everywhere to this special place where the harbour meets the beach.”
Flaskas added that sustainability will be a big focus, with the company to firstly focus on landfill diversion.
“We’ve been able to achieve 95% landfill diversion at Howard Smith Wharves, which will be a big goal to work towards.”
Paul Henry, also an HSW founder and director, said he holds many fond memories of area and is looking forward to the future.
“As a Sydney boy born and raised, I have many fond memories of Manly and its special offerings. I am so excited for what the HSW team plan to bring to Manly, respectful of its iconic history, the local community, the natural playground, and the visitors to our great city.”
Flaskas added that “Team retention will be a key focus through the transition. This is a new and exciting chapter in Manly Wharf’s history.”
CBRE’s Simon Rooney and James Douglas negotiated the sale on behalf of TMG Developments.
