Site of Hannah's Pies sold.Photo: Supplied

Newcomer Caper Property buys famous Hannah's Pies site in Ultimo, Sydney

Su-Lin Tan|Apr 17, 2019

Sydney property newcomer with a speciality in the build-to-rent and co-living sectors Caper Property has snapped up the iconic Hannah’s Pies site in Ultimo in the Sydney CBD area for about $20 million.

The group is led by Chrsytan Paul formerly with boutique investment firm Aura Capital and who also runs Caper Capital, an investment company.

Famous Sydney pie cart Harry Cafe de Wheels owner Michael Hannah and his co-owners sold the site, strategically next to the Powerhouse Museum, which is moving to Parramatta, prompting many developers and investors to eye the site. The University of Technology Sydney is tipped to be in private discussions with the NSW government to acquire the site.

Caper Property has acquired Hannah’s Pies’ warehouse and adjoining terraces at 562-576 Harris Street with a leaseback to the pie shop. The firm said it would be a long-term investment.

“It is a rare freehold parcel for the Sydney fringe suburb, especially considering the demand for such sites thanks to the state governments big spend on infrastructure, in and around the area,” Colliers International’s Miron Solomons, who sold the site, said.

Mr Solomons brokered the sale with colleague Matt Pontey.

The owners of Harry Cafe de Wheels sold the property to release capital for a business expansion and has already opened its first store in China, with up to 300 of Harry’s famous pie carts set to be rolled out across the country over the next 15 years.

Caper Property has two sites in its portfolio both in inner-west Sydney and earmarked for co-living and co-working projects.

The first property is the Bald Face Stag Hotel, a 1300sq m pub and music venue in Leichhardt that the group purchased for nearly $8 million recently, and the other is One Camperdown, a co-living development being planned.