Not quite the slice of paradise, Manly Wharf goes on sale for $80m

Those advising on the sale, CBRE directors Simon Rooney and James Douglas, are expecting interest from a range of buyers because of the site’s captive customers, with about 2.5 million commuters and day trippers every year.

“Trophy retail assets such as Manly Wharf are historically tightly held, rarely traded, and highly sought after,” Rooney said.

According to the agents, the site offers multiple “value-add” opportunities including improved amenity from the proposed Wharf 3 and Manly Cove Upgrade as part of the $205 million NSW government maritime stimulus program.

“The flexibility around the future potential to strategically remix the tenancy profile and capitalise on multiple value-add opportunities will be a major drawcard for both domestic and international capital.”

Transit hubs are now becoming the new retail frontier with developers giving commuters more offerings to keep them interested while they wait for their transport.

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It is a captured market as people are willing to stop and shop as they walk to and from the station, ferry, or while waiting at an airport.

At Circular Quay, Transport for NSW last week appointed the consortium of Capella Capital, Lendlease Construction and BESIX Watpac, to work on the area’s renewal project.

The developers will work alongside the state government, First Nations advisers and key stakeholders to plan and design the transformation of the historical precinct and transport hub, into what will be considered a world-class destination.

Circular Quay, also known as “Warrane”, is the place of first contact between the Eora people and the First Fleet.

Transport for NSW has said the renewal will create a more dynamic place for visitors and locals to enjoy, with new retail, dining, spaces for arts and culture, as well as modern and accessible transport interchanges with new ferry wharves and an upgraded train station.

The managing director of construction at Lendlease Australia, David Paterson, said Circular Quay is the symbolic gateway to Sydney’s world-famous harbour and city, and a place with “deep cultural and historical significance”.

“Alongside Lendlease’s Sydney Place and One Circular Quay developments, this planning and design project consolidates our revitalisation of the Circular Quay precinct,” Paterson said.

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