King Street Wharf – Sydney’s premier waterfront restaurant precinct sold for $125.5 million
Markham has acquired a 100% interest in King Street Wharf, Sydney’s premier waterfront precinct, occupying a landmark site with unparalleled frontage to Sydney Harbour for $125.5 million. Sold by Stonebridge and JLL on behalf of real estate investment manager, LaSalle Investment Management, the sale represents a fully leased yield of 6.02%.
Stonebridge Director, Carl Molony said, “Since acquiring the premier waterfront restaurant and lifestyle asset, LaSalle has successfully transitioned the offering and income profile to reflect its premium location within the Darling Harbour precinct.
“With the benefit of high historical tenant retention and a WALE in excess of 10 years, coupled with exceptional in-built rental growth, the asset strikes a rare balance of income security, growth and value-add potential.”
King Street Wharf: Landmark CBD site of approximately 7,700 square metres (sqm) comprising Precinct 1 (two retail stratums) and Precinct 3 (one retail stratum), securely anchored by 14 tenants over 5,651sqm of retail accommodation. King Street Wharf offers highly secure income with a WALE of 10.3 years (by area) and average tenure to date of 12.8 years (by area). The site is 100% occupied by iconic venues on long-term leases, including Cargo Bar, Bungalow 8 & The Loft and Meat District Co until at least 2029. Ideally located between Darling Harbour, a significant tourism and entertainment precinct, and Barangaroo, a globally renowned 22 hectare urban renewal project. King Street Wharf is set to benefit from the significant transformation occurring along the western corridor of the Sydney CBD.
For more information contact Stonebridge Directors Carl Molony on +61 439 032 028 or Philip Gartland on +61 403 582 324.