- The most significant freeholding asset offered in Haymarket this year
- The restaurant went into voluntary administration last year
- Can be purchased for alternative developments ranging from office to hotel
The iconic, inter-generational former Golden Century Restaurant site in Haymarket has been listed for sale.
The most discerning quiz-masters are expected to buzz in at $60 million for the property, it is the most significant freeholding asset offering in the Haymarket precinct so far this year.
The restaurant had become a Sydney dining institution during its three decades of operations before entering into voluntary administration last year.
Located at 393-399 Sussex Street, the site has a 25-metre street frontage, giving it a high exposure on the main pedestrian thoroughfare to Sydney’s Chinatown.
Mr Lee, who is Savills Australia’s Joint State Head, Asia Market, noted that premium offerings along this section of Sussex Street are hard to come by in this market.
“The property greatly benefits from the bustling activities in the nearby retail precinct,” Mr Lee said.
The property itself occupies a 708 sqm site that is underdeveloped dur to it 7.5:1 base FSR.
Alternate development options include retail, office and hotel use which can generate a total gross floor area of 6,372 sqm.
“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.” added 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.”
James Aroney, JLL Senior Director
Nearby is a range of Sydney landmarks such as Paddy’s Market, University of Technology Sydney, Darling Quarter Precinct, Central Park and World Square.
“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.