The owners of Brisbane’s Howard Smith Wharves (HSW) have exchanged contracts on the $80 million sale of Sydney’s historic Manly Wharf.
The heritage-listed site was sold by TMG Developments, with the sale negotiated by Simon Rooney and James Douglas from CBRE, the world’s largest commercial real estate and investment firm.
Originally constructed in 1855 as a passenger terminal for the Sydney to Manly Ferry, the wharf has since been transformed into a hospitality destination home to an array of popular venues, including Queen Chow, Hugos and the Manly Wharf Hotel.
HSW Founders and Directors Adam Flaskas and Paul Henry are keenly interested in revitalising historic sites, most recently transforming the heritage-listed Howard Smith Wharves into an entertainment and cultural precinct featuring restaurants, cafes, bars, events spaces, a hotel and the award-winning Felons Brewery.
“We are honoured to be the new custodians of the historic and iconic Manly Wharf,” said Flaskas. “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.”
Paul Henry added: “As a Sydney boy born and raised, I have many fond memories of Manly and it’s 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.
The duo also purchased the Ben May’s Manly Wharf Hotel business along with the wharf, saying their focus during the transition will be on staff retention and sustainability.
“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,” said Flakas.
Former owner, Robert Magid of TMG Developments, said he looks back on the purchase of Manly Wharf with great fondness but is delighted to have sold to a group with “a focused, imaginative and competent team.”
“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…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,” said Magrid.
“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,” said CBRE’s Simon Rooney.
“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,” he said.
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