The landmark Woolloomooloo Finger Wharf restaurants Kingsleys and Otto Ristorante in Sydney have been sold to a local private investor for more than $20 million. 

The waterfront restaurants were part of JPMorgan Asset Management's sell-down of the Aviva assets which started last year. 

The investment, which is a long-term leasehold expiring in 2099, was marketed by CI Australia's Rebecca Roberts and Michael Stokes. The buyer was introduced by Stonebridge. 

"The property generated good interest and there were several domestic and international bidders over the marketing campaign," Ms Roberts said.

"It reflects the continued demand for investments in recognised locations with well structured leases and secure income. Cowper Wharf in Woolloomooloo continues to be one of Sydney's iconic locations, which is evidenced by the continual success of Otto and Kingsleys."

The investment showed a blended yield of about 7 per cent, reflecting the base and turnover rent of the assets. 

Cowper Wharf, also called Finger Wharf, is a luxury precinct which includes a hotel, other restaurants, a marina and apartments. It is close to the CBD and the restaurants have always traded well. Otto Ristorante has more than 16 years remaining on its lease and Kingsleys wants to extend its lease and invest in the fitout. 

JPMorgan Chase & Co's asset management unit took control of Aviva's real estate investment business in Australia, Japan and Singapore in December 2014 in a bid to expand in the region. The operations were valued at about $US1.3 billion at the time. 

Last year, Aviva decided to wind up its Asia Pacific Property Fund, which held the restaurants and several other commercial properties in Australia. The properties included 160 Sussex Street and the Bulgari store in Sydney, Alinta Plaza in Perth and several properties in New Zealand and Japan.

The Australian assets have all been sold.   

A separate industrial property portfolio was also put up for sale by Aviva, which is being purchased by Singapore-based The Redwood Group. The deal is expected to be finalised in the first quarter of 2016.