Esports gaming entrepreneurs embark on a $143 million real estate spree
When a historic McMahons Point restaurant recently settled $6.055 million for esports gaming entrepreneur Jack Wu, it was just the tip of a $143 million real estate spree that is spreading across Sydney .
From the Coles Shopping Center site in Greenacre for $40.5 million to an 1886 building in the CBD for $20 million and a boarding house in Westmead for $2.5 million, the business interests of Wu and his family have been avid investors in a range of commercial and industrial properties. in the past two years alone.
But missing from the shopping list is a family home for Wu to replace the sub-penthouse at Aqualand’s Blue at Lavender Bay development that he sold a week before last Christmas for $9 million when he planned to move buy something with room for her three young children.
Wu, 33, and his older brother Michael, 39, are the sons of vitamin moguls Jina Chen and Alex Wu, founders of Nature’s Care who, in 2019, debuted on the Australian Financial Review Rich List 200 with an estimated value of $758 million after selling a majority stake in the vitamin brand.
Months after being placed on the rich list, Chen and Wu made headlines by setting a Lavender Bay home price record of $16.988 million amid plans to downsize their Northern estate. Beaches in Ingleside, which they bought in 2015 for $7.7 million.
Last year, the brothers made a name for themselves among Sydney’s online entrepreneurs when they bought Hive Gaming, an online platform that helps budding esports athletes and game creators monetize their efforts.
But Jack’s business interests extend beyond esports to include boutique development company Clutch Capital which he runs with Nick Ross. Earlier this year, Clutch bought a row of five houses in Rose Bay for $22.7 million opposite Rose Bay Golf Club, which will be redeveloped into a block of boutique apartments.
CI Australia’s Nick Lowry, the sales agent behind the iconic McMahons Point restaurant, said the appeal of commercial property is that traditionally the rental yield is about double that of residential investments from a similar value.
Lowry added that commercial sector stocks tend to lag the residential market by a few months, but have been boosted in recent months by a lack of freehold commercial real estate investment for sale and strong demand from buyers. .