Artemus Group takes keys to Sydney’s Manly Wharf and promises a revamp

The new owners of Sydney’s Manly Wharf say they are expert at revitalising waterfront precincts and the heritage-listed site will stay open for business for now.

An aerial view of the wharf precinct which will be upgraded.

Sydney’s much-loved Manly Wharf is set for a revamp under new owner the Artemus Group which has taken possession of the waterside venue and is keen to bring its experience from Brisbane’s Howard Smith Wharves to the latest project.

It is taking over from tycoon Robert Magid’s TMG Developments which sold it the wharf last year and property is set for a major overhaul as it also bought Manly Wharf Hotel, in deals valued at $110m in total.

Artemus founders and directors Adam Flaskas and Paul Henry, and chief executive Luke Fraser have committed to working with the community in Manly on the plans.

“With an ever-expanding portfolio of restaurants, bars and real estate, we are experts at revitalising waterfront precincts and transforming them into thriving community and cultural hubs. We champion local quality and a pioneering spirit and are proud to be building a legacy for future generations to enjoy,” Mr Flaskas said.

Howard Smith Wharves founders Adam Flaskas and Paul Henry have acquired Manly Wharf.

Artemus believes Manly Wharf is its next big opportunity and Mr Flaskas said the developer would make initial improvements while it continued to operate.

CBRE’s Simon Rooney and James Douglas negotiated the deal last year as Mr Magid sold down key assets, including a Bondi Junction apartment site to a Chinese developer for $167m. He also sold two hotels, in Sydney and Melbourne for close to $90m, as he scales back parts of his hospitality empire.

Mr Magid said he had taken a transformational focus on Manly Wharf, which was run down when he acquired it.

“Our repositioning strategies have had a significant impact and we look forward to seeing how this iconic asset continues to evolve under new ownership,” he said.

The site will operate as usual while the new owner make some improvements.

The heritage-listed Manly Wharf was constructed in 1855 as a passenger terminal for the Sydney to Manly Ferry.

It has since become a hospitality destination, housing Queen Chow, Hugos and Manly Wharf Hotel.

Mr Rooney said there were opportunities for both income and asset value growth at Manly Wharf, which is supported by a wealthy residential catchment.

“Trophy retail properties such as Manly Wharf are historically tightly held, rarely traded, and highly sought after,” he said.

“This underpinned significant interest in the sale, as did the site’s iconic harbour-front location, high profile tenant offering and robust trading performance.”