Magid family sell Manly Wharf
Robert Magid has sold Manly Wharf for a speculated $80 million.
The unique investment, which the businessman’s TMG Developments repurposed as a retail and hospitality asset in the late 1990s, is trading to Adam Flaskas, who also has an interest in the Howard Smith Wharves, at Brisbane, where he was raised and is based.
The Sydney property was the latest divested by the family which is reallocating assets into non real estate interests, including digital businesses.
Late last year the Magids sold the Harbour Rocks Hotel, at The Rocks, for c$41m.
In Melbourne, meanwhile, it offloaded the Hotel Lindrum on Melbourne’s Flinders St for $50m and a major industrial investment in Mulgrave for $84m.
Mr Magid, 81, is the son of late developer Isador Magid, who also founded Twisties.
The Manly deal comes five months since a consortium including Nufarm director Doug Rathbone listed the 12 year old Queenscliff Harbour, on Victoria’s Bellarine Peninsula, with c$30m-plus price hopes (story continues below).
Manly Wharf
Built around a ferry established in 1855, Manly Wharf contains 20 specialty tenancies; occupiers include the Bavarian Bier Café, El Camino Cantina, Hugo’s, Queen Chow, Sake and the Wharf Bar.
More than 2.5 million commuters, a large portion being day trippers, use the ferry and attached bus terminals each year, according to CBRE’s Simon Rooney, who marketed the leasehold with James Douglas.
The asset is near the the Manly Q Station, the leasehold which Glenn Piper acquired in late 2021, with plans to renovate.
Mr Flaskas was part of a consortium which was approved to redevelop the c1930 Howard Smith Wharves nine years ago, and completed it, about 2018.
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