Howard Smith Wharf Developers Snap Up Manly ‘Icon’

The duo responsible for Brisbane’s biggest heritage precinct transformation has splashed $80 million on Sydney’s Manly Wharf. 

Howard Smith Wharf founders and directors Adam Flaskas and Paul Henry have acquired the wharf from TMG Developments’ Robert Magid. The group has also bought up Ben May’s Manly Wharf Hotel business. 

It is the latest in a string of divestments from the 81-year-old property magnate, Magid, who is winding back his empire. 

Flaskas said the pair felt “honoured” to be the new custodians of such an iconic piece of real estate. 

“We’re looking forward to deeply connecting with the Manly community and providing a family friendly, sustainable and cultural entertainment precinct, offering the freshest, highest quality produce to the local community and visitors of Manly Wharf,” Flaskas said.

“With such incredible history in the area, we’re excited to embark on this new journey, breathing new life into such an iconic site. Manly has a loyal community that welcomes people from everywhere to this special place where the harbour meets the beach.

“Sustainability will be a big focus of ours, firstly focusing on landfill diversion. We’v been able to achieve 95 per cent landfill diversion at Howard Smith Wharves, which will be a big goal to work towards.”

▲ Robert Magid at Manly Wharf in 1996.

The heritage-listed Manly Wharf was originally constructed in 1855 as a passenger terminal for the Sydney to Manly Ferry. It has since been transformed into a hospitality destination, which is home to an array of venues including Queen Chow, Hugos and the Manly Wharf Hotel.

CBRE’s Simon Rooney and James Douglas negotiated the sale on behalf of TMG Developments.

TMG’s Robert Magid said the group was nostalgic about the sale of Manly Wharf.

“It was one of our first property purchases. We purchased it from receivers. It was built back to front with the back to the harbour [and] tenants not paying their rent,” Magid said.

“But we saw the great potential. We redesigned the wharf, took advantage of the amazing location, added a floor and brought in some excellent tenants.

“We are delighted that we have sold the wharf to such a focused, imaginative and competent team and wish HSW to take the wharf to an international stage.”

It’s a return to home turf for HSW’s Paul Henry. 

“As a Sydney boy born and raised, I have many fond memories of Manly and it special offerings. I am so excited for what the HSW team plan to bring to Manly, respectful of its iconic history, the local community, the natural playground, and the visitors to our great city,” he said.

In addition to Manly Wharf, HSW also purchased Ben May’s Manly Wharf Hotel business.