Sydney’s Doyles on the Beach is expected to fetch around $70 million as the fifth-generation family business and its prime Watsons Bay waterfront site come to market after 141 years.
HTL Property is managing the sale of 11 Marine Parade and 2 Cliff Street, after the decision to sell by family patriarch Michael Doyle.
The freehold site covers 2504sq m and has about 29m of frontage to Watsons Bay Beach. It has street frontages to Marine Parade and Cliff Street, and includes the Doyles on the Beach restaurant and a separate house.
The site is zoned SP3 Tourist, which permits hospitality, residential, tourism and visitor accommodation uses, subject to planning approval. HTL Property said buyers could consider long-term ownership, enhancement or repositioning.
HTL Property managing director Andrew Jolliffe said the site was a rare opportunity in a tightly held location.
“There are very few hospitality assets nationally that combine this level of brand recognition, historical significance and absolute beachfront positioning,” Jolliffe said.
HTL Property national director Dan Dragicevich said the zoning and land value would appeal to hospitality operators and investors seeking “long-term exposure to one of Sydney’s most prestigious waterfront precincts”.
Watsons Bay is near the entrance to Sydney Harbour, and has ferry services to Circular Quay. The site itself is near Watsons Bay Wharf, Robertson Park and the Sydney Harbour National Park.
