Iconic, Haymarket Asset expected to sell for circa $60 million21 April 2022
Leading agencies Savills and JLL, have been appointed to sell the iconic ex Golden Century Restaurant site in Haymarket. With a price estimation of circa $60 million, it represents the most significant freehold offering in the Haymarket precinct in 2022.
Prominently located at 393-399 Sussex Street, Haymarket, the property occupies a 25m street frontage on a premium and high exposure location along the main pedestrian throughfare to Sydney’s famed Chinatown.
The property is exclusively for sale through Jordan Lee and Andy Hu of Savills with co-agents James Aroney and Linda Ko from JLL.
Joint State Head, Asia Markets at Savills Australia Jordan Lee says the property’s renowned location adds significant value to the asset.
“Premium retail offerings along this section of Sussex Street are rarely offered to the market and its location is second to none. The property greatly benefits from the bustling activities in the nearby retail precinct,” Mr Lee said.
The building is surrounded by local landmarks including Paddy’s Market, the University of Technology Sydney, Darling Quarter Precinct, Central Park, World Square, and the Tech Central Precinct; importantly it is located just 1km away from Sydney Tower.
The property occupies a 708sqm site that is significantly underdeveloped benefiting from a favourable 7.5:1 base FSR with potential bonus for a variety of alternate development options including retail, office, and hotel use to generate a total GFA of 6,372 sqm (STCA).
The four-storey retail offers approximately 2,135sqm of NLA. The Golden Century Restaurant had become an institution in Sydney dining throughout its three decades of operation and offers a rare opportunity to purchase an inter-generational asset.
“Haymarket is located 750m of Central Railway and the Tech-Central Precinct and primed to benefit from an unpreceded $5.5 Billion of private and public investment into the area.” said JLL Senior Director James Aroney. “This regeneration will underpin its appeal as one of the most vibrant districts in Australia and ensure enduring demand for these extremely scarce high exposure retail offerings in Chinatown.” Mr Aroney added.
“This is one of the first Haymarket freehold offerings in 2022 and we believe this iconic building will appeal to local and offshore buyers looking to capitalise Triple A security the Sydney economy provides by acquiring a once in a lifetime institutional building in Chinatown,” said Mr Hu from Savills.