Robert Magid’s TMG Developments has exchanged contracts on the $80 million sale of Manly Wharf to the owners of Brisbane’s Howard Smith Wharves (HSW).
HSW founders and directors Adam Flaskas and Paul Henry have demonstrated a keen interest in revitalising historic sites, most recently transforming the heritage-listed Howard Smith Wharves into an internationally renowned entertainment and cultural precinct featuring restaurants, cafés, bars, events spaces, a hotel and the award-winning Felons Brewery.
CBRE’s Simon Rooney and James Douglas negotiated the sale on behalf of TMG Developments.
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 the Manly Wharf Hotel.
“We are honoured to be the new custodians of the historic and iconic Manly Wharf,” Flaskas said.
“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.”
“Sustainability will be a big focus of ours, firstly focusing 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.”
The heritage-listed Manly Wharf was originally constructed in 1855 as a passenger terminal for the Sydney to Manly Ferry
Henry added, “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.”
In addition to Manly Wharf, HSW also purchased Ben May’s Manly Wharf Hotel business.
“We’re really looking forward to operating the Manly Wharf Hotel, which is right at the heart of the wharf and the local community,” Flaskas said.
“Team retention will be a key focus through the transition. This is a new and exciting chapter in Manly Wharf’s history.”
TMG’s Robert Magid said the group was nostalgic about the sale of Manly Wharf.
“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,” Magid said.
“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.”
Rooney said Manly Wharf was a recognised international landmark which had attracted significant interest from various international and domestic parties, highlighting the continued appetite for assets which offer genuine strategic value-add opportunities.
“Manly Wharf has long been a sought-after asset given its landmark harbourfront location on Sydney Harbour, which serves as the highly patronised gateway to Manly and Sydney’s northern beaches,” Rooney said.
“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.”
