New high-end vision for Manly Wharf Hotel after $80M acquisition
Adam Flaskas and Paul Henry will bring their high-end vision to Manly after making a success of Brisbane’s Howard Smith Wharves.
The pair purchased Howard Smith Wharves for more than $20 million and turned it into one of Brisbane’s top destinations.
They hope to do the same with Sydney’s Manly Wharf after acquiring it from property tycoon Robert Magid’s TMG Developments for about $80 million.
“We’re really looking forward to operating the Manly Wharf Hotel, which is right at the heart of the wharf and the community,” HSW founder and director Adam Flaskas said.
Flaskas and Henry have created a niche in buying historic and heritage listed sites and revitalising them. They aim to turn Manly Wharves into an entertainment and cultural precinct featuring restaurants, cafes, bars, events spaces, a hotel and the award-winning Felons Brewery.
While it started as a passenger terminal in 1855, Manly Wharf is now a popular hospitality destination with drawcards including Queen Chow, Hugos and the Manly Wharf Hotel.
The sale comes as Robert Magid continues to sell down his assets.
“We are honoured to be the new custodians of the historic and iconic Manly Wharf,” Flaskas said.
“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.”
HSW is looking to breathe new life into the area, while making the development a sustainable one.
“We’ve been able to achieve 95 per cent landfill diversion at Howard Smith Wharves, which will be a big goal to work towards.”
Manly Wharf is served well by its harbourfront location and attracted a lot of interest from local and international buyers.
Jonathan Jackson, 22nd June 2023
