Campbell’s Stores, one of Australia’s landmark waterfront dining and entertainment destinations on the edge of Sydney Harbour and adjacent to world famous landmarks, is set to change hands for in excess of $80 million.

The vendor, Farrer Property, is looking to sell the heritage-listed building, in a move tipped to generate significant international and local buyer interest.

CBRE’s James Douglas and Harry George, together with Carl Molony and Philip Gartland from Stonebridge are managing the sale of the iconic waterfront retail and hospitality asset.

Located within the prestigious 'The Rocks' precinct, Campbell's Stores, was built in 1851-1852 and underwent a significant $54 million restoration and refurbishment completed in 2019 which involved the entire building being reinstated.

Campbell’s Stores offers an array of Sydney’s premium and most experienced food and beverage and event operators each with significant industry experience including 6 Head 1788, Luna Lu, Harbourfront Seafood, Watersedge at Campbell’s Stores, Ploos, & Bay Nine Omakase. The building has a net annual income of $5.1 million and a 6.7-year WALE (by income).  

Nestled between the world-renowned Sydney Harbour Bridge and the Opera House, in proximity to Circular Quay, a major tourist destination undergoing significant rejuvenation benefiting from 34.5 million commuters per annum, 95,000 per day.

Campbell’s Stores is ideally positioned to serve a diverse customer base including high-spending residential, worker and visitor markets with an expansive total trade of 4.9 million, projected to reach 5.8m by 2041, with per capita incomes of $83,956 within a 15 min drive time, 52% above the Australian benchmark.

The International Expressions of Interest campaign will close 4th April 2024.

“The opportunity to acquire a high-quality asset in a prime location on Sydney Harbour with expansive views of our iconic landmarks is extremely rare. Campbell’s Stores is a stunning building that has benefited from a comprehensive restoration and refurbishment and enjoys strong underlying cash flows from Sydney’s most experienced hospitality operators, as well as value-add and future operational opportunities,” Mr Douglas said.

“Potential future upside is captured through further redevelopment opportunities subject to relevant approvals.”

Mr Molony noted, “An incoming purchaser can become part of the substantial public and private investment being undertaken within this world-renowned location and capitalise on the growing cashflows being derived from the asset. We anticipate a breadth of interest from international and local buyers seeking to own one of a very limited number of commercial assets located on the Sydney Harbour front.”