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Cushman & Wakefield to sell premium ‘Opera Quays’ retail site

Anthony Bray • 29/04/2019

Global commercial real estate firm, Cushman & Wakefield, has been appointed to sell the freehold interest in Australia’s most prominent harbourfront retail site located at ‘Opera Quays’, Circular Quay with customer views of icons including the Sydney Harbour Bridge and the Opera House.

The premium retail asset is currently home to an Australian flagship Guylian Belgian Chocolate Café and has not been offered to the market since construction in 1998. In addition, a premium 186sqm office directly above the Café is included in the transaction. The site is expected to be sold with a price guide of $30-35 million.

The site comprises three Lots made up of café (10, 11) and office (54) areas to be sold separately or in one line. There is an option to combine the spaces into one large retail space (STCA).

The property represents a rare opportunity to secure a spacious ground floor premium retail site directly fronting Sydney Harbour. It is expected to generate strong demand among local and international high net worth investors seeking to secure the ‘trophy’ asset and may be sold prior to the Expression of Interest deadline.

The Guylian Belgium Chocolate Café offers 118 sqm net-lettable area (NLA) and is supported by two outdoor licenced areas – 20 sqm of exclusive-use common area and an additional 90 sqm leased separately from the NSW Government and used as a promenade forecourt with seating for up to 200 guests. These outdoor areas do not form part of the title but are transferrable with the sale.

The vendor is offering buyers the site with the potential for either a lease back arrangement, with terms of 5 x 5 years at a commencement rent of $600,000 p.a net, or it can be sold with vacant possession based on the buyer’s preference.

Lot 54 comprises an executive boardroom, 4 office suites, reception, general office, kitchen and bathrooms. Itis located directly above the Guylian Belgium Chocolate Café, accessible by stairs or elevator and occupies 186 sqm with floor-to-ceiling glass walls providing stunning views across Circular Quay.

There is the potential to combine both spaces into one contiguous space over a total NLA of 304 sqm including outdoor areas which could generate further capital growth and returns for an astute investor.

Cushman & Wakefield’s Head of NSW Sales and Investments, Anthony Bray and Director, Ryan Cross are exclusively managing sale via an expressions of interest campaign closing Wednesday 8 May 2019 unless sold earlier.