Sale of Circular Quay, Sydney retail shop smashes records

Australia’s retail record has been broken for the second time in two months after the sale of a shop in Sydney’s Circular Quay for $11.5m.

Located at lot 10, 1A Macquarie St, the shop is currently leased to the Guylian Belgian Chocolate Cafe and is located within walking distance of the Opera House with views across Sydney’s Harbour Bridge and Circular Quay terminals.

The auction culminated in a rate per square metre sale of $153,358 – beating out the previous record by about $20,000 per sqm.
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Australia’s retail record has been broken for the second time in two months.

Marketed and sold by the teams at Colliers of Joseph Lin and Angus Windred in conjunction with Plus Agency’s Fiona Yang and Leanne Pan, the property received over 100 enquiries and was sold just days prior to the scheduled auction date.

“We received genuine local and interstate interest from well-known Asian demographic hotspots with particular influence from Sydney and Melbourne’s affluent high-net-worth private buyers,” Mr Lin said.

An external view of the Guylian cafe in Circular Quay.

“Circular Quay forms one of the most expensive and competitive retail markets in Australia and with Lot 10 holding an extremely rare and valuable restaurant licence and long term secure covenant, the asset was targeted by a range of investors and occupiers with four parties narrowly missing out as they were aiming to attend the auction on the day.”

The previous Australian retail record of $132,558 per sqm was set in November last year through the sale of Lot 11, 1A Macquarie St for $5.7m.

The auction culminated in a rate per square metre sale of $153,358.

For the famous Sydney harbourside area, the previous record was set over a year ago, with a 44 sqm shopfront selling at a rate of around $113,000 per sqm.

“Circular Quay’s luxury commercial and residential market is doing incredibly well with investors and owner occupiers eyeing off the NSW Government’s initial $200 million commitment announced for the rejuvenation of the Circular Quay Ferry Terminal. This commitment is set to further enhance the viability and change the face of Sydney’s waterfront to the world,” Mrs Pan said.
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