John Singleton and two mates, billionaire Gerry Harvey and investment banker Mark Carnegie, have bought Sydney’s most popular sports and entertainment precinct, the Entertainment Quarter near Fox Studios in inner Sydney, for $80 million.
The trio have snared the shopping outlet and movie theatres, along with the headquarters of the Australian Film Television and Radio School, believing the whole facility has the potential for a major facelift and a renewed burst of life after years in the hands of two real estate trusts run by Colonial First State.
It understood some other investors may back their purchase after they won a sales process handled by McVay Real Estate on behalf of the owners — the CFS Retail Property Trust Group and the wholesale CFSGAM Property Retail Partnership.
The three men have previously worked together on property deals, most notably buying pubs around Australia, including the Bristol Arms in Sydney and the Elephant Arms in Brisbane.
The retail side of the Entertainment Quarter is likely to be what has drawn in Mr Harvey, who controls retailer Harvey Norman.
A repositioning of the centre is likely.
The 11ha site sports about 51,000sq m of existing buildings including two cinemas and popular farmers’ markets including Whisk & Pin and Sonoma Baking, with the scope to add another 26,187sq m of floor space.
Mr Singleton and Mr Carnegie are the major investors in the Australian Pub Fund (APF), which is expected to list later this year.