King Street Wharf, Sydney's premier waterfront restaurant precinct, sold for $125.5m

Deal brings total major Sydney CBD retail transactions in the past 12 months close to $1b

December 05, 2018

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%.

JLL’s Head of Retail Investments – Australasia, Simon Rooney said, “Investors continue to target retail assets within CBD locations that will benefit from growing tourism spending, employment growth and rising inner-city high-density residential space. CBD retail assets therefore offer strong income growth potential relative to other retail assets.

“The Sydney CBD is undergoing major changes in terms of new commercial and residential construction, upgraded transport infrastructure and new hotels and tourism-related development, all of which will drive retail and food and beverage spending over the long term.

“The transaction provides Markham with exposure to King Street Wharf, which is perfectly positioned to capitalise on the development and growth in the Sydney CBD that will drive income growth for the asset.”

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.”

Major CBD Retail Transactions – last 12 months

Property Name


Sale Price


Soul Pattinson Building – 160 Pitt Street




383 George Street, Sydney (75%)



PGIM Real Estate

Queen Victoria Building (50%)



Vicinity Centres

The Galeries (50%)



Vicinity Centres

The Strand Arcade (50%)



Vicinity Centres

About 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.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Stonebridge Property Group

Stonebridge Property Group is a tier one commercial real estate agency specialising in the sale, leasing and management of retail property and mixed-use development sites. Operating across Australia and New Zealand. For further information, visit