The new owner has taken possession of Sydney’s landmark Manly Wharf.
Artemus Group, also the owner of Brisbane’s Howard Smith Wharves, bought the wharf and the Manly Wharf Hotel for $110 million last year from Robert Magid’s TMG Developments.
The deal was negotiated by CBRE’s Simon Rooney and James Douglas
Artemus Group founders and directors Adam Flaskas and Paul Henry, and chief executive Luke Fraser said they would work with the Manly comminoty on plans to elevate the wharf.
“Manly Wharf represents an incredible opportunity for the group—we want to bring our energy, community focus and vision to Manly,” Flaskas said.
“We will be making some initial improvements while we continue to operate business as usual.”
The heritage-listed wharf was originally constructed in 1855 as a passenger terminal for the Sydney-to-Manly Ferry.
It has since been transformed into a hospitality destination and is home to about 20 specialty tenancies including Queen Chow, Hugos and the Manly Wharf Hotel.
About 2.5 million commuters and day trippers pass through the adjoining ferry and bus terminals each year.
Meanwhile, Shakespeare Property Group has aquired the Woolstore 1888 by Ovolo at Darling Harbour.
The Woolstore 1888 is a freehold property converted from a wool store built in 1888 into a higer-end hotel in the Sydney tourist precinct.
The five-level sandstone and brick building has 90 guest rooms over four floors, and a 626sq m footprint on freehold title.
Shakespeare Property will raise equity from wholesale investors via a single-asset, close-ended unlisted property investment trust, the Shakespeare 1888 Trusts, to fund the deal.
Shakespeare Property Group vice president hospitality assets and investments Richad Saab said the hotel, the fourth oldest of 21 surviving wool stores in Sydney, was a “unique asset with value-add potential”.
“The Woolstore 1888 is a stunning hotel asset which is in great condition, in a great location, and doesn’t require major capital expenditure for us to realise its full potential,” he said.
