Brisbane-based investor Marquette Property, led by Toby Lewis, is selling its prized waterfront Barangaroo retail strip that it bought in an uncertain property market in 2022 for a record $82 million.
The purchase in 2022 was seen as a bold move by the Queenslanders at a time when the global pandemic was heavily impacting the city and Barangaroo precincts.
The deal covers 20 tenancies across 2600 square metres with 175 metres of direct Sydney Harbour frontage. Key tenants include Grill’d, Yo-Chi, Zushi, Lotus, Anason, Love.Fish, Muum Maam and Bourke St Bakery, all of which have long leases in place.
The tenants’ average annual sales range from $6 million to $10 million.
According to JLL sales agents, the speciality revenue from the property stands at $28,000 per sq m, a figure that “outstrips almost all major retail and dining precincts in Australia”.
The $10 billion Barangaroo precinct was developed by Lendlease after it won the bidding to turn the site – for many decades a large concrete slab used to store imported cars – into large office towers, luxury apartments, retail outlets and large-scale public open space.
Marquette Property said at the time of purchase its plan was to revitalise the asset and then sell when the “time was right”. Marquette will now focus on its Queensland assets as that state prepares to host the 2032 Olympic Games.
JLL agents Nick Willis, Sam Hatcher and Sebastian Fahey are handling the sale.
Five Dock
One Global Capital, the Sydney-based global property development and investment firm which is Iwan Sunito’s Family Office investment arm, has completed the purchase of its Five Dock site in Canada Bay and will now launch a $1.5 billion mixed-use precinct in Sydney’s inner west.
The 1.4-hectare site will be transformed into a “city-within-a-city” development, with waterfront views, a golf course, residential, retail, hotel and health uses, all with direct access to Sydney’s CBD.
The integrated precinct will include 750 premium apartments across five residential towers, a 150-key hotel, 10,000 sq m of retail and lifestyle space, as well as health and wellness facilities. There are also plans for a car showroom plus open space, community amenities, and a build-to-rent project.
Planning approval is targeted for June 2026. The project launch is scheduled for the third quarter of 2027, with construction anticipated to start in the second quarter of 2028.
Retail and commercial property specialist Simon McTigue has been engaged to consult on the delivery and leasing of the retail precinct.
Meanwhile, joint venture partners Abadeen, founded by former CBRE director Justin Brown and PERIFA, led by Fabrizio Perilli, who was the NSW president of the Property Council of Australia in 2023, have launched the third and final residential stage at their $350 million harbour-front precinct, Putney Wharf in the south of Sydney.
That project was developed alongside partners Phoenix Property Investors and Mitsubishi Estate Asia. Located at 20 Waterview Street, the completed precinct will have 67 residences, including 18 terraces and 49 apartments, alongside five shops and a 36-berth marina.
The project’s marketing and sales is led by SRM Residential partner Tim Rees.
Co-living for sale in Newtown
A co-living property in Sydney’s Newtown, UKO Newtown Village, is up for sale with price expectations around $10 million. It is being sold by 10 Egan Street Pty Limited.
The building at 10-12 Egan Street, run by by UKO, has 19 self-contained studios. It was the former Sydney Confectionery Warehouse and was transformed from a warehouse to a contemporary living and working environment in 2019.
The 474.7 sq m building is fully leased with a gross income of $632,333 a year. This is the first time the property is up for sale in its current co-living configuration. The campaign is being run by James Masselos and Adam Droubi of Knight Frank.
Tamworth pub
Harvest Hospitality is selling the popular Courthouse Hotel in Tamworth. Co-founded by Chris Cornforth and Fraser Haughton and specialising in regional pubs, the Harvest group acquired the hotel a decade ago.
The pub, on a 1216 sq m site, is on Tamworth’s main retail and hospitality strip, Peel Street.
Tamworth, recognised as the largest regional centre in the New England region, services a broad catchment and hosts the popular annual Tamworth Country Music Festival with hundreds of thousands of visitors.
No price guide was offered but the high-performing regional hotel earns about $125,000 in weekly revenue, with about 40 per cent through the bar and 30 per cent from the bistro. The freehold pub is being sold through HTL Property’s Andrew Jolliffe, Xavier Plunkett, Blake Edwards and Ben Kennedy.
