Sydney Opera House car park up for sale with $80 million expectations

One of Sydney's marquee real estate sites - the Sydney Opera House car park has been slated for sale, with price expectations of about $80 million.

The property is being offered for sale on behalf of receivers, KordaMentha and is expected to attract strong interest from international and domestic institutional investors.

Prior to falling into the hands of receivers, the prized asset was owned by Mariner Financial - a company founded by Bill Ireland. Mariner reportedly purchased the car park for about $75 million in 2004.

McVay Real Estate has been instructed to sell the long leasehold.

A key attraction for buyers is expected to be the property's stable income stream, which is estimated to be about $7.6 million.

"This is not just a car park," said McVay's managing partner Sam McVay. “This is a critical piece of infrastructure servicing the largest city in Australia and one of the most famous buildings in the world."

Completed in 1993, the 12- storey premises has about 1200 parking bays and is operated by Wilson Parking.

The expression of interest campaign starts on Thursday.

Mr McVay believes offshore and private investors will be attracted by the high yield on offer for a relatively passive investment. “With no lease incentives to be paid out, investors are getting a truly net return, " he said.