The son of deceased Twisties mogul Isador Magid, has sold off an iconic piece of his property portfolio, as the rich lister looks to downsize.
TMG Developments owner Robert Magid will part ways with the Manly Wharf after exchanging contracts with the owners of Brisbane’s Howard Smith Wharves (HSW) in an $80 million deal.
Known as one of “Sydney’s premier waterfront destinations”, the tourist hotspot was built in 1855 and was previously used as a passenger terminal for the Sydney to Manly ferry.
Over a century on, it is now home to some of the city’s finest dining experiences, entertainment and a number of leisure activities, with a view.
Heritage listed Manly Wharf is also home to several household names including restaurant The Bavarian and Manly Market Place.
HSW founders and directors Adam Flaskas and Paul Henry are now planning to further transform Manly Wharf into an “internationally renowned entertainment and cultural precinct”, following their purchase.
In line with their proposal, a number of new restaurants, cafes, bars, event spaces, hotels and the award-winning Felons Brewery will dominate the 168-year-old space.
“We are honoured to be the new custodians of the historic and iconic Manly Wharf,” Mr Flaskas said.
“With such incredible history in the area, we’re excited to embark on this new journey, breathing new life into such an iconic site. Manly has a loyal community that welcomes people from everywhere to this special place where the harbour meets the beach.”
Mr Henry – who was born and raised in Sydney – added he is excited to bring new experiences to the community and tourists visiting the iconic beachside suburb.
“I have many fond memories of Manly and its special offerings,” he said.
“I am so excited for what the HSW team plan to bring to Manly, respectful of its iconic history, the local community, the natural playground, and the visitors to our great city.”
Robert Magid – who is also the owner of The Australian Jewish News and Property Weekly – decided to sell the development, in a bid to wind back his property empire.
Manly Wharf is the latest in a string of properties previously owned by Mr Magid to be sold, and follows the sale of Melbourne’s heritage-listed Lindrum and Sydney’s Harbour Rocks hotels last year.
Mr Magid also parted ways with a 5.5-hectare industrial site in the Melbourne suburb of Mulgrave in October, selling it for $84 million to real estate company Charter Hall.
He is also moving his company, TMG, out of its own Bondi Junction office after selling the building for $167 million to Chinese developer JQZ, according to the Australian Financial Review.
Mr Magid purchased Manly Wharf for a small fortune of $7 million back in 1995, before revamping it into the internationally recognised landmark it is today.
“The previous owners had designed it as an enclosed walkway with shops either side, with its back to those fabulous views,” he told AFR in May.
“We smashed all the walls down, turned it outwards rather than inwards, and it took off.”
The wharf was one of TMG’s first property purchases, making the sale a nostalgic one.
“We purchased it from receivers. It was built back to front with the back to the harbour,” Mr Magid said following the sale of the Manly Wharf.
“But we saw the great potential. We redesigned the wharf, took advantage of the amazing location, added a floor and brought in some excellent tenants.
“We are delighted that we have sold the wharf to such a focused, imaginative and competent team and wish HSW to take the wharf to an international stage.”
The 81-year-old ranked 195 on the AFR’s 2023 Rich List, and is estimated to be worth $710 million.
Mr Magid’s father, Isador, developed the Aussie snack Twisties in the 1950s after importing machinery to produce the food from the United States.
He was assisted by research organisation CSIRO after running into some strife with the shape of Twisties, before selling the brand to two of the Lea brothers from confectionary giant Darrell Lea.
Twisties are now owned by Smiths and come in the flavours cheese, chicken and the limited edition Twisties Zig Zags with Wicked Cheddar.