Manly Wharf, the gateway to Sydney’s Northern Beaches with its captive audience of approximately 2.5 million commuters and day trippers, has been listed on the market for $80 million.
After nearly 28 years, owner and developer, Robert Magid of TMG Developments, is reportedly restructuring the company’s portfolio and changing the structure of its family-owned business.
Thus, TMG Developments has decided to sell the trophy property to potential international or local investors, following the sale of its other investments, such as Sydney’s Harbour Rocks Hotel and Melbourne’s Hotel Lindrum.
Manly Wharf, which was originally built as a passenger terminal in 1855, is home to 20 tenancies, including popular Sydney venues like Hugo’s, El Camino, Bavarian Bier Café, and Sake. Under Magid’s watch, the site cemented its reputation as one of the best leisure and recreational destinations in the country.
Photo Credit: Wikimedia Commons
Prior to selling the property, TMG Developments had plans to redevelop Manly Wharf into a six storey hotel with over 200 rooms, which did not receive approval from the Council. It comes after the company spent $9 million to revitalise the site more than eight years ago to become a highly-developed venue.
Photo Credit: Wikimedia Commons
Meanwhile, CBRE is confident that Manly Wharf will attract a lot of interest as it remains a transit hub with 2.5 million commuters a day through its joint bus and ferry networks. CBRE’s Simon Rooney and James Douglas believe that the site has “multiple value-add opportunities” for its future owners, especially with the planned Wharf 3 and Manly Cove Upgrades by the NSW Government.
