Media Release

Thursday, 17th November 2011

Raine & Horne Commercial announces multimillion dollar sale of iconic Manly Emporium

One of Manly’s most historic retail properties, the Manly Emporium, has been sold by leading Sydney commercial real estate firm Raine & Horne Commercial Northern Beaches for more than $9 million.

Located at 6 The Corso, Manly, the landmark property was purchased by the International College of Management Sydney (ICMS) in conjunction with the rear-adjoining property 50 East Esplanade.

According to selling agent Vincent West, Sales and Leasing manager for Raine & Horne Commercial Northern Beaches, the sale of the two properties completes the ICMS’s long-standing interest in the location.

“The ICMS had shown an interest in this property some time ago, and then recently they put forward an offer which was accepted by the trustee, Wadian Nominee, who has looked after the property for many years,” Mr West said.

“My understanding is that the ICMS has purchased the property with a view to gaining additional exposure in the heart of Manly, to build on their current position at St. Patrick’s Estate, where they have been located since 1995.”

The International College of Management, Sydney offer business degrees in Sports Management, Hospitality, Event Management, Property Management, International Tourism and Business Management.

Constructed in 1918, the building represents one of Manly’s most important commercial sites, with its sought-after position fronting the southern side of the famous Corso, where daily foot traffic in the thousands strolls between Manly Wharf and Manly Beach.

“The site is directly opposite Manly Wharf and Manly Council, and is in a high pedestrian activity area, which is why properties in this strip are particularly tightly held, with few shops sold in recent times,” said Mr West.

At present, the two properties are home to ground floor retail premises occupied by major tenant Harrison’s Pharmacy, as well as a souvenir store.

“Ultimately, this property has been sold as an investment, with a view for partial occupation and represents a strong income stream with the added benefit of capital growth and potential for a renovation and extension.

Some older Manly residents may also know the site as the location of the iconic Manly Pool Halls, which previously occupied the upper levels of the building, Mr West, said.

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Rural and Raine & Horne Financial.

-ENDS-

For further media information contact:

Vincent West, Sales & Leasing Manager Raine & Horne Commercial Northern Beaches on (02) 9971 9000 / 0403 444 000

Anna Truman, National Marketing & Communications Co-ordinator on 02 9258 5448