Rare retail centre near Sydney Opera House arrives with $50m price tag
71 Macquarie St, Sydney, NSW
A number of retail spaces with a front-row seat to Sydney Harbour have arrived on the commercial market this week with a $50 million price guide.
Spanning an area of 1,746 sqm, the five retail stores at 71 Macquarie St are part of a broader offering known as Opera Residences Retail.
The recently completed development offers 38 metres of waterfront frontage to Sydney Harbour and is expected to be in high demand due to the rare opportunity on offer from the four floor commercial space.
Set to officially open later in July, tenants of the precinct includes the Opera Ice Creamery, international restaurant chain Ippudo Ramen, and Japanese teppanyaki fine dining restaurant and bar Oborozuki.
The Opera Residences Retail space.
The expressions of interest campaign is being run by Knight Frank agents Dominic Ong and Linda Zhu in conjunction with Colliers’ Joseph Lin and Auschain agent Sean Huang.
According to Mr Ong, both domestic and international investors are anticipated to indicate strong buyer interest in the waterfront dining and retail centre.
“The high-end retail space is arguably the best real estate in Australia, with a front-row seat to Sydney Harbour and just a short walk from the Opera House,” Mr Ong said.
“It is in the most iconic location in Sydney, making it one of Australia’s most visited destinations and a key transport hub in the heart of the city.”
With a front-row seat to Sydney Harbour, the property is being taken to market with a $50m price guide.
Initially launched in 2016, the Opera Residences included 104 apartments that were sold off the plan – with $550m in sales recorded in a single day.
Prices in the development have recently increased by 20 and 30 per cent through resales.
Mr Huang said the commercial retail centre could be viewed as an intergenerational investment.
“This type of asset is one that will be tightly held by any buyer given its capacity to hold and increase its value,” Mr Huang said.
“Apart from its long-term potential, the investment is underpinned by its stable income, with the space having long and secure leases.”
A neighbouring retail space to the Opera Retail at Lot 10 & 11, 1A Macquarie St sold separately earlier this year for the price of $154,000 and $133,000 per sqm.
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