TMG Developments, led by Robert Magid, has exchanged contracts for the $80 million sale of Manly Wharf to the proprietors of Brisbane’s Howard Smith Wharves (HSW).

The destination was listed for sale in December and was expected to pique interest among both international and domestic buyers.

The heritage-listed Manly Wharf was built in 1855 as a passenger terminal for the Sydney to Manly Ferry. It has subsequently been turned into a hospitality destination, with a variety of establishments including Queen Chow, Hugos, and the Manly Wharf Hotel.

Adam Flaskas and Paul Henry, the founders and directors of HSW, have shown a strong interest in revitalising historic locations. Most recently, they turned the heritage-listed Howard Smith Wharves into a popular entertainment and cultural precinct with restaurants, cafes, bars, event spaces, a hotel, and the award-winning Felons Brewery.

The deal was arranged for TMG Developments by Simon Rooney and James Douglas of CBRE.

“With such incredible history in the area, we’re excited to embark on this new journey, breathing new life into such an iconic site. Manly has a loyal community that welcomes people from everywhere to this special place where the harbour meets the beach,” said Flaskas. 

HSW also acquired the Manly Wharf Hotel company from Ben May in addition to the wharf.

“We’re really looking forward to operating the Manly Wharf Hotel, which is right at the heart of the wharf and the local community,” Flaskas added.