Stonebridge Property Group, in conjunction with CBRE, are delighted to exclusively offer for sale Campbell’s Stores, a once in a generation investment opportunity to acquire a landmark waterfront dining and hospitality destination located within the prestigious ‘The Rocks’ precinct. Campbell’s Stores commands attention with its positioning between the world’s most recognisable and iconic landmarks – Sydney’s Harbour Bridge and Opera House.
Key highlights of this opportunity include:
- Award winning, major restoration and refurbishment completed in 2019, the asset yields substantial depreciation benefits and minimal capital expenditure upon purchase
- High-profile mix of Sydney’s premium and most experienced F&B and event operators each with over 30 years of industry experience including 6 Head 1788, Luna Lu, Harbourfront Seafood, Watersedge at Campbell’s Stores, Ploos, & Bay Nine Omakase
- 100% occupied, offering security of income supported by strong tenant covenants and long tenure through a 6.7-year WALE (by income), a diversity of income and further term(s) from multiple tenants
- Prominent location within historic ‘The Rocks’ precinct, located directly adjacent to the Park Hyatt Hotel and Overseas Passenger Terminal, in proximity to other significant visitation drivers including Shangri-La Sydney, Harbour Rocks Hotel, Museum of Contemporary Art Australia
- World-renowned, major international and local destination in proximity to Circular Quay which benefits from over 95,000 commuters each day or 34.5m passenger movements p.a.
- Exceptional expense protection – 81% of tenants on net leases (by gross rental income), with strong rental growth aligned to average weighted increases of 3.2% p.a.
- Outstanding year-on-year Moving Annual Turnover uplift of over 40%
- Expansive total trade area of 4.9m, projected to reach 5.8m by 2041 (1.0% growth p.a), benefitting from an affluent resident population, with per capita incomes of $83,956 within a 15-min drive time, 52% above the Australian benchmark
- Ideally positioned to serve a diverse customer base – Including worker and visitor markets with more than 1.1.m domestic overnight visitors (CY 2022) to The Rocks precinct and affluent, high spending worker trade area population estimated at 146,060 (2021)
- Potential upside and opportunity for future redevelopment, subject to relevant approvals
Campbell’s Stores is for sale via an International Expressions of Interest.
To obtain further information or to arrange an inspection, please contact the exclusive selling agents.
All figures are approximate only
Financial Data as at 1 June 2024
MAT growth 31-Dec-22 vs 31-Dec-23 MAT
Location IQ data as at Feb-23
