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Developers will fork out over $20 million for Hannahs Pies

Property Markets / Transactions

Australia

Jan 23 2018

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Colliers International are selling the iconic Hannah’s Pies in Ultimo, via a public auction, for an expected price of over $20 million.

The warehouse and adjoining terraces, located at 562-576 Harris Street belong to the same company as famous pie stand, Harry Café de Wheels, which originally started on Woolloomooloo Wharf, but has now expanded to more than 10 locations throughout Sydney and more recently into Asia.

“This is an extremely well-located site which is linked to one of Sydney’s most iconic institutions -  its proximity to both the revitalised Darling Harbour and International Convention Centre is going to be a huge draw card for both local and off-shore groups,” said Miron Solomons, Director of Investment Services at Colliers International.

“Demand is very strong for freehold opportunities such as these in Ultimo thanks to the State Governments big spend on infrastructure, in and around the area. We can list over $2 billion spent within a few hundred metres of this site.” 

This theory has recently been tested with Colliers also notching up the recent record $40,000 per m2 sale of the 517m2 site 142 – 152 Broadway which was hotly contested at auction in November for $21,000,000” with Notre Dame eventually securing the strategic site.

Mr Solomons says “The pies at Harry Café De Wheels have been part of the Sydney landscape since the 1930’s and the business has continued to flourish, even being classified a “quintessential Sydney icon” by the National Trust of Australia.” 

Hannah’s Pies is the sole supplier to Harry’s and is located within the education precinct, near UTS, TAFE and Notre Dame University. But 

Matt Pontey, Senior Executive of Investment Services said, “We are expecting a lot of interest from student accommodation providers, due to the location of this site within the student accommodation epicentre.”

“This is a rare and unique development opportunity which has come about as the business expands to explore new, global markets.”

The sale of Hannah’s Pies comes as part of the business launches in China, with up to 300 of Harry’s famous pie carts aiming to be rolled out across the country over the next 15 years. 

563-566 Harris Street, Ultimo will be sold via Public Auction on March 1.

 

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