Opportunity to own Sydney's premier waterfront restaurant precinct
JLL and Stonebridge bring King Street Wharf to the market in an International Expressions of Interest campaign.
King Street Wharf, Sydney's premier waterfront restaurant precinct, is being offered for sale through JLL and Stonebridge. Occupying a landmark site with unparalleled frontage to Sydney Harbour, the site is 100% occupied by 14 tenants and comprises 5,651sqm of retail accommodation.
This landmark CBD retail asset comprises two retail stratum lots known as Precinct 1 and Precinct 3, which are able to be acquired individually or in one line.
The trophy asset is conveniently located between Darling Harbour and Barangaroo, and is being brought to market by Simon Rooney of JLL and Carl Molony and Philip Gartland of Stonebridge.
JLL's Head of Retail Investments – Australasia, Simon Rooney said, "King Street Wharf will benefit from the strong consumer trend towards food and beverage and provides exposure to a high-growth segment of the retail sector. Cafes, restaurants and takeaway food has delivered the highest rate of annual spending growth of any retail category over the long-term.
"Major Sydney CBD retail assets are rarely offered for sale and we see this asset as an opportunity to gain exposure to the extensive urban regeneration which is occurring all around the Darling Harbour, King Street Wharf and Barangaroo precincts. New infrastructure, hotels and mixed-use developments will enhance the profile of the precincts and drive income growth for the asset."
Stonebridge Director Carl Molony said, "Since acquiring the premier waterfront restaurant and lifestyle asset, the vendor 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 11 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 offers investors a highly-secure income with a WALE of 11.2 years (by area) and average tenure to date of 11.9 years (by area). The site is 100% occupied by iconic venues on long term leases, including Cargo Bar, Bungalow 8 & The Loft, Meat District Co until at least 2029.
King Street Wharf will be offered for sale via a formal International Expressions of Interest campaign, closing Thursday 22 March, 2018.