Manly beachfront retail site with Ben & Jerry’s ice cream shop sells at auction for $15.7 million
A prime retail site on Manly Beach, which is home to a swag of restaurants, shops and a Ben & Jerry’s ice cream store, has sold under the hammer for a whopping $15.7 million.
The holding sits on the corner of South Steyne and Wentworth Street and comprises the whole ground floor at shops 1-7/25-27 South Steyne, Manly.
It is currently home to five shops across seven lots, with tenants including Ben & Jerry’s, Ezy Mart and popular take away and restaurants; the Manly Fish Market, Manly Fish Cafe and The Blind Barrel.
The properties have a total strata area of 433sqm and an annual net income of $731,161. They were sold in one line at auction last week, under instruction from trustees, by CBRE’s associate director Toby Silk, senior director Nicholas Heaton and negotiator Aaron Arias.
Mr Silk said the team received over 400 inquiries throughout the campaign, including local, national and international investors, occupiers and syndicators
“Recent times have seen metro markets like Manly strengthen, with people working from home and frequenting local eateries,” he said. “The buyer purchased the property as a passive investment, providing a strong return.”
Buyer feedback during the campaign had been around $10 million, so the result exceeded expectations.
The agents have not revealed the reserve, other than to say the property sold “significantly above the reserve.”