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The recent sale of a popular Circular Quay store shattered the standing record for an Australian retail property just months after it was set by a neighbouring property.
The $11.5 million sale of lot 10, 1A Macquarie Street, occupied by Guylian Belgian Chocolate Café, has solidified it as the country’s most expensive retail location, with a price of $153,358 per square metre.
The sought-after spot just steps from the Sydney Opera House with views across to the Harbour Bridge and Circular Quay terminals went for $11.5 million just days before it was scheduled to go to auction, after attracting more than a 100 inquiries from Australian and international buyers.
The previous Australian retail record of $132,558 per square metre was set just a few months ago through the sale of lot 11, 1A Macquarie Street for $5.7 million.
As with that sale, lot 10 was negotiated by Colliers and Plus Agency. Colliers national director of Asia markets Joseph Lin and senior executive of Sydney CBD sales Angus Windred worked with Plus Agency’s general manager Peter Li, executive partner Fiona Yang, and sales manager Leanne Pan to complete the transaction.
Mr Windred highlighted the particular appeal of the property.
“Guylian Belgian Chocolate Café provided a valuable corner position with exclusive outdoor dining space offering picturesque harbour views and one of the rarest opportunities within the Quays. A showpiece for anyone’s portfolio, we certainly aren’t surprised with the result as we were anticipating this to be one of the hottest and most watched auctions of 2022,” Mr Windred said.
Mr Li added that the pre-auction sale had disappointed a number of buyers hoping to pounce.
“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,” Mr Li said.
Prior to the sale of lot 10 and lot 11, the previous retail record was held by a 44-square metre shop also located at Circular Quay, which sold just over a year ago for a rate of around $113,000 per square metre.
Ms Yang noted that their latest sale showed an increase in the area’s retail property of almost 40 per cent in capital values in the space of only a year.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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