Moore Park EQ sold to Gerry Harvey, John Singleton and Mark Carnegie for $80m - 4th June 2014

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Entertainment Quarter Fox Studios Property Entertainment Business Sydney News Corp

Businessmen John Singleton and Gerry Harvey have bought the Moore Park EQ in Sydney’s east. Source: News Limited


Businessmen Gerry Harvey and John Singleton will be the new owners of the Moore Park Entertainment Quarter after the rights to the lease were sold for $80 million.

The pair have joined a private consortium headed by investment banker Mark Carnegie.

RELATED: MOORE PARK EQ FOR SALE

Former owners, Colonial First State (CFS) Retail Property Trust group announced the sale today after undergoing an expression of interest campaign which started in April.

The property sold for $10 million more than estimated by CFS Retail Property Trust and its property partners CFS Global Asset Management Property Retail Partnership.

Moore Park Entertainment Quarter site was sold for more than $10 million above initial estimates. Source: News Corp Australia


Formerly the Sydney Showground, News Corp and Lend Lease spent $430 million redeveloping the entertainment quarter as part of an effort to create a backlot tour theme park, Fox Studios and adjoining entertainment hub.

After suffering losses following the failure of a theme park on the site, the entertainment hub was sold to CFS.

While the precinct has since been revamped again and separated from Fox Studios, retailers have continued to report declining trade and foot traffic with one coffee shop owner reporting a drop in sales from 3000 cups a day to a staggering 200.

Business has been on the decline for retailers and restaurant owners in the precint. Source: News Corp Australia

The precinct consists of cinemas, restaurants, retail outlets and health and fitness facilities.

The site sits next to the Sydney Cricket Ground, Allianz Stadium, Centennial Park, the Horden Pavillion and Fox Studios.

Michael Gorman, deputy CEO and chief investment officer said the sale was “in line with our strategy of divesting non-core assets.”

The sale remains conditional on the approval of the ground lessor, Centennial Park Trust \ and the state government.

(News.com.au)