The Wharf Mooloolaba precinct listed for $80m sale as hospitality giants circle
The Wharf, Mooloolaba, Qld. Picture: supplied
Several high-flying hospitality entrepreneurs have shown interest in The Wharf Mooloolaba on Queensland’s Sunshine Coast, with the property listed for sale with an $80m plus price tag.
Sydney publican Justin Hemmes who owns $1.6bn worth of restaurants, pubs and bars, as well as Brisbane-based hospitality entrepreneur Adam Flaskas, who developed Brisbane’s Howard Smith Wharves and in partnership owns property around Sydney’s Manly Wharf, are among those showing interest.
Other potential buyers could include Rob Comiskey, head of the family owned Queensland construction company, Comiskey Group, which is involved in hotels, building and entertainment.
Long-term owners Evans Long, are selling the 57-berth freehold marina which is 92 per cent leased and returns 5.2 per cent a year.
CBRE’s Michael Hedger, Wayne Bunz, and Joe Tynan have been appointed to market the property which spans 6,964sq m of freehold land with 7,507sqm of net lettable area.
Developed in 1988 and acquired by Evans Long in 2016, The Wharf has undergone a multi-million-dollar refurbishment over the past nine years.
Adam Flaskas.
Justin Hemmes. Picture: Mattia Panunzio
The repositioning unlocked a portion of the precinct from leasehold to freehold ownership and revitalized its offering, converting it into a tourism and lifestyle hub.
The Wharf attracts more than 2.2 million annual visitors no doubt enticed by a strong mix of best-in-class restaurants, bars, retail outlets, and marine-based activities.
Enhancing its long-term investment appeal, the sale also includes a 50-year wet lease until 2074 over 2.083 ha on the Mooloolah River, incorporating the marina.
The precinct is also set to benefit from future 2032 Olympic Games infrastructure, the Aria $350 million 5-star hotel development, and KPAT’s $250m ‘The Avani’ hotel development.”
The precinct benefits from a resilient and diversified income stream spanning food and beverage, hospitality, and retail, underpinned by a 7.9-year weighted average lease expiry by income (12.8 years by area) with guaranteed income growth via net leases.
The offering includes under-utilized waterfront space, an ideal platform for an innovative investor to value add and capitalise on strong market demand. Additionally, there is immediate upside potential through tenancy remixing and further precinct activation.
CBRE national director of hotels Wayne Bunz said waterfront freehold assets of this calibre on Australia’s east coast remain incredibly scarce.
“When we talk about landmark investments, this is precisely what we mean. The Wharf is the kind of generational opportunity that draws the attention of both institutional and private capital, it’s a magnet for lifestyle, leisure and commerce, with enduring value on every level,” he said.
Expressions of interest close October 2.
