Iconic Manly Wharf goes on sale for $80 million

The gateway to Sydney's northern beaches, the Manly Wharf, has been listed for an estimated $80 million, according to The Sydney Morning Herald.

TMG development founder Robert Magid put the retail and hospitality asset up for sale after selling and redirecting capital as he prepares for a generation change.

The wharf is home to about 20 tenancies including restaurants such as the Bavarian Cafe, Queen Chow, El Camino, Sake, The Wharf Bar and Hugo's.

READ MORE: North-south weather split after warnings of extreme heat, possible snow

The Manly Wharf was built in 1855 as a passenger terminal but was transformed into a food and beverage destination by TMG Developments after group acquired the long-term lease in 1995.

Transport for NSW owns the original lease, where about 2.5 million people pass through annually.

READ MORE: Sinkhole shuts down major Brisbane road

CBRE directors Simon Rooney and James Douglas, who are advertising the sale said trophy assists like the Manly Wharf were "rarely traded" and "highly sought after".

READ MORE: Self-proclaimed 'prophet' in US had 20 wives, mostly underage

"The flexibility around the future potential to strategically remix the tenancy profile and capitalise on multiple value-add opportunities will be a major drawcard for both domestic and international capital," Rooney said.

Transport for NSW told The Sydney Morning Herald the renewal would create new retail, dining, spaces for arts and culture for people to enjoy.

Expressions of interest will close in March next year.