McVay Real Estate is pleased to offer for sale the leasehold interest in the Quay West Car Park, 109 - 111 Harrington Street, NSW Australia (the ‘Quay West Car Park’, ‘Property’ or ‘Car Park’).

Quay West Car Park is one of Sydney CBD’s largest well located car parks. It offers a highly resilient income stream with the exceptionally secure covenant of one of the country’s largest car park operators.

‘Quay West’ is a 40-storey residential, commercial and retail building completed in 1991. The building comprises the following four stratums - residential, hotel, office and car park. This sale campaign offers the Quay West Car Park and its associated retail.

Sam McVay of McVay Real Estate told COMMO this is the first time the leasehold interest in the Quay West Car Park has been offered for sale since it was developed 30 years ago.

According to Sam car ownership has become one of the surprising trends from Covid with the explosion of new car purchases (Porsche, BMW etc having record years). When someone makes a purchase like this, it's unlikely they will catch the bus, comments Sam McVay of McVay Real Estate. People have also reported a reluctance to use Public Transport for fear of catching Covid.

The net number of carparks added over the past decade actually decreased and there are now tight restrictions on building new bays. With over 250,000sqm of office within the immediate area and as the largest carpark in the precinct Quay West is an obvious beneficiary. 

The Car Park is located in one of the most easily accessible positions in the Sydney CBD, with Bridge Street easily accessed by commuters from both Sydney’s north, east and south. With its key tenants being Wilson Parking and the award winning Maybe Sammy Bar.

The recent completion of the Light Rail in 2020 provides the Property with greater connectivity to the remainder of the Sydney CBD, with the closest station being less than 300m walk. Public transport in the form of bus and rail is available at Circular Quay Station (300 metres north-east) and Wynyard (350 metres south).

As Mirvac continues to evolve its portfolio of adaptable urban assets, Mirvac have decided to divest its holding in the Quay West Car Park in Sydney.

Whilst Mirvac remains committed to investing in dynamic cities and urban areas with scale and deep employment markets, given the strong investor demand for smaller scale assets earning a reliable stream of income we feel that this is an opportune time to divest our Quay West Car Park asset.
 
Quay West car park was originally constructed in 1991 as part of Mirvac’s development of the Quay West Apartments tower in The Rocks area. The asset has approximately 598 car spaces and 400sqm of retail NLA.
 
Sam McVay of McVay Real Estate will steer the expressions of interest campaign on behalf of Mirvac with Expressions of Interest to close on the 11th of November 2021.

The Property is formally offered for sale via an Expression of Interest campaign closing at 4pm (AEDT), Thursday 11 November 2021.