Manly Wharf, a historic landmark in Sydney’s Northern Beaches, has been sold to the owners of Brisbane’s Howard Smith Wharves (HSW) in a deal worth $80 million.
The sale was facilitated by TMG Developments and the negotiations were conducted by Simon Rooney and James Douglas from CBRE, the world’s largest commercial real estate and investment firm.
Manly Wharf, originally built in 1855 as a passenger terminal for the Sydney to Manly Ferry, has undergone a transformation in recent years and has become a popular hospitality destination. It is home to several well-known venues, including Queen Chow, Hugos, and the Manly Wharf Hotel.
Adam Flaskas and Paul Henry, the founders and directors of HSW, have a track record of revitalising historic sites. They successfully transformed the heritage-listed Howard Smith Wharves into a thriving entertainment and cultural precinct, featuring restaurants, cafes, bars, event spaces, a hotel, and the award-winning Felons Brewery.
Mr Flaskas expressed his excitement about becoming the new custodians of Manly Wharf, emphasizing the site’s rich history and iconic status. He stated that their goal is to breathe new life into the venue and create a place where the harbor meets the beach.
Mr Henry, a Sydney native, shared his fond memories of Manly and expressed his enthusiasm for the HSW team’s plans to respect the site’s history and cater to the local community and visitors.
As part of the deal, HSW also acquired the Manly Wharf Hotel business from Ben May. Mr Flaskas highlighted their commitment to staff retention and sustainability during the transition. They aim to focus on achieving landfill diversion and have already achieved a remarkable 95% landfill diversion at Howard Smith Wharves.
Former owner Robert Magid of TMG Developments reflected on the sale with fondness, describing it as one of their early property purchases. He expressed delight in selling to a group with a focused, imaginative, and competent team, and he is confident that HSW will take Manly Wharf to an international stage.
Published 6-July-2023
