An $80 million deal has been confirmed, where TMG Developments, owned by Robert Magid, is selling Sydney’s historic Manly Wharf to the proprietors of Brisbane’s Howard Smith Wharves (HSW).
HSW’s founders and directors, Adam Flaskas and Paul Henry, are known for their interest in revitalising historic locations. Their recent success includes transforming the heritage-listed Howard Smith Wharves into an acclaimed international entertainment and cultural district, featuring an array of restaurants, cafes, bars, events spaces, a hotel, and the award-winning Felons Brewery.
Manly Wharf, constructed in 1855, began as a passenger terminal for the Sydney to Manly Ferry. Over time, it has been transformed into a hospitality hub, housing popular venues like Queen Chow, Hugos, and the Manly Wharf Hotel.
Simon Rooney and James Douglas of CBRE oversaw the sale on behalf of TMG Developments.
“We are honoured to be the new custodians of the historic and iconic Manly Wharf,” said Mr Flaskas. He looks forward to immersing in the Manly community, creating a sustainable, family-friendly, and cultural entertainment precinct, offering high-quality produce to locals and visitors.
He expressed excitement about adding to the rich history of the site and meeting the community’s expectations. He also emphasized that sustainability, particularly landfill diversion, would be a major focus of their operations at Manly Wharf.
Mr Henry, a Sydney native, 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 has also bought 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,” Mr Flaskas said.
Mr Magid from TMG expressed nostalgia about selling Manly Wharf, which was one of TMG’s initial property purchases. Despite the early challenges, he recognized the potential of the location and brought about significant improvements.
Mr Rooney highlighted Manly Wharf’s strategic value-add opportunities, robust trading performance, renowned tenant offering, and the potential to strategically remix the tenancy profile for income and asset value growth as the reasons for significant interest from international and domestic parties.