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King Street Wharf Sells for $125M

It has been confirmed that property investment group Markham has bought the King Street Wharf restaurant precinct on Sydney's Darling Harbour for $125.5 million from real estate investment manager LaSalle Investment Management on a yield of 6.02%.

The asset spans 5,651sqm of retail space and feature 14 restaurants and eateries including Cargo Bar, Bungalow 8 and Meat District Co. The 14 tenants are all on long-term leases, with a weighted average lease expiry of more than 11 years.

Interest in significant food & beverage venues is strong with Lend Leases Exchange venue in Darling Square expected to be sold to a Chinese investor on a yield of circa 4%. The property is fully-leased with pre-commitments to about 12 retailers as well as the City of Sydney, the Commonwealth Bank of Australia and the operators of Chinese restaurant Golden Century.