Prime retail site on Sydney’s Manly Beach with Ben and Jerry’s store seeks new owner
A prime retail site on Manly Beach, which is home to a swag of restaurants, shops and a Ben & Jerry’s ice cream store, is set to go to auction next month.
The holding sits on the corner of South Steyne and Wentworth Street and comprises the whole ground floor at 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 will be sold in one line at auction under instruction from trustees, by CBRE’s associate director Toby Silk, senior director Nicholas Heaton and negotiator Aaron Arias.
“These shops provide a unique opportunity to discerning investors, situated in a prime location they are a favourite with local patrons and visitors,” Mr Arias said.
“The 433sqm can be configured in any number of ways which provides flexibility for the future.”
The property is adjacent to a 289-bay council car park and has high volume foot traffic go past the property, “making it one of the busiest intersections in Manly.”
The sale involves the building only, not the businesses.
Mr Arias said it was estimated that Manly received up to eight million visitors a year, which kept the retail, food and beverage scene buzzing.
“According to a report by Inside Retail, Manly Corso is in the top 10 retail strip locations in Australia where retailers would like to be,” he said.
Mr Heaton said the property was expected to attract plenty of interest.
“This investment is as safe as they come providing the cash flow security of a multi-leased asset with staggered lease expiries and minimal future vacancy risk, with tenants lining up to be in these premium locations,” Mr Heaton said.
Premium northern beaches and north shore retail properties have been highly sought after in recent months.
These include the Mrs Jones the Baker site in Moore Rd, Freshwater, which sold in November for $3 million; Maria Poole Hair Designs, also in Freshwater, selling for $1.2 million; Ezy Mart, Kirribilli, for $2.46 million; and The Beach House Restaurant and Cafe in Mosman for $5.625 million.
Mr Silk said the property presented a strong investment opportunity.
“Manly has always been busy, however traditionally retailers have mainly relied on weekend trade, since COVID with people now working from home, these areas have become extremely busy during the week and we don’t see this trend changing anytime soon with people moving to the area in search of a better lifestyle,” he said.
“This in turn is making these investments more secure with yields compressing due to the super low interest rate environment.”
The auction is expected to take place in early March.