Sales record smashed at iconic Sydney retail hub Circular Quay with purchase at 1a Macquarie St
The retail sales record in Sydney’s iconic Circular Quay district has been smashed by a new purchase, at the site of the First Fleet’s landing in 1788.
Lot 11 at 1a Macquarie St has just changed hands for $5.7 million at a rate of $132,558 per sqm, easily beating the old mark by around $20,000 per sqm.
The property sits in the retail precinct under ‘The Toaster’ building, just a short walk from the Opera House in a key visitor precinct that is set to be a crucial part of Australian tourism’s recovery now that our borders are open to international arrivals.
The shop has a secure lease with international tea company Coco and boasts a tenancy area of around 43 sqm on the Opera Quays boulevard.
A new record was set by this lot at Opera Quays.
It was brought to market by Colliers National Director of Asia Markets Joseph Lin and Senior Executive of Investment Services Angus Windred in conjunction with Plus Agency’s Peter Li.
“The desirable world-famous harbour location generated an enormous amount of interest during the campaign with more than 150 inquiries coming from both private local and offshore Asian investors as well as potential longer term owner occupiers,” Mr Lin said.
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Mr Windred added: “Lot 11, being only one of a few ‘wet shops’ across Opera Quays, provided the once in a lifetime opportunity to purchase a versatile super prime retail asset, with local confidence rising in the anticipation and return of international tourism”.
Lot 11 was sold alongside Lot 54 at 1a Macquarie St, for a total of $9.76m.
Lot 54, which is a waterfront office suite of around 186 sqm was sold for $21,828 per sqm.
The previous record in Circular Quay was set just over a year ago, when a gift shop, beside the Opera House, with view of the Harbour Bridge and a 44 sqm shopfront, sold for more than $5m, at a rate of around $113,000 per sqm.
Global tea giant Coco holds a long-term lease on the property.
The new record is almost 20 per cent greater.
Significant demand for retail and office strata property in the Sydney CBD last year, resulted in Colliers transacting over $115 million from 31 sales, despite the Covid pandemic, the company said.
Colliers and Plus Agency are next bringing to market Lot 10 at 1a Macquarie St, site of the Guylian Belgian Chocolate cafe, due to go to auction later next month.
“Guylian Belgian Chocolate cafe provides a valuable corner position with exclusive outdoor dining space offering one of the rarest opportunities within the Quays. We are anticipating this to be one of the hottest and most watched auctions of 2022,” Mr Li said.
Next up for auction the Guylian Belgian Chocolate cafe.
