Neil Perry restaurant tipped to sell for $11 million
The Neil Perry restaurant Jade Temple in Sydney’s CBD is going under the hammer and it is expected to fetch $11 million at the auction on March 15.
The strata retail property, sitting in the heritage-listed Burns Philp building on Bridge Street, and comprising 490 square metres of lettable area was bought by a local family for $8.51 million in 2015 under the company I-Fund Pty Ltd.
And if the price comes in as expected, that would mean a 29 per cent hike in value in less than three years.
The space is tenanted by the Rockpool Dining Group until July 2023, with two five-year options.
It generates a rental income of $600,000 a year.
Selling agent Andy Hu, from Knight Frank, expects most of the buyer interest will be coming from local investors.
But there might also be some offshore groups who missed out the last time it sold.
“Because this building or this restaurant has had quite a bit of history behind it, I think it will be received quite well in this local market, so probably local privates will be the main buyer groups,” Hu told Commercial Real Estate.
“When the property was on the market last time, there was quite a big interest (coming from) offshore as well.”
Mr Hu’s co-agent on the listing Steven Tsang, from JLL, said the location was “one of the most iconic” sites, perfect for fine dining in Sydney.
“Investors who are looking for a prime retail investment to add to their portfolio would be hard pressed to find a more distinguished proposition,” Mr Tsang told Commercial Real Estate.
“The city’s current infrastructure upgrades surrounding the Burns Philp & Co. building is set to benefit from an unprecedented level of development in the Sydney CBD, including the new light rail, George Street pedestrianisation and the underground Sydney Metro rail.
“These developments will improve connectivity and increase patrons and diners in the immediate location due to the increased number of CBD-based workers.”
by Leon Gettler, February 7th 2017.
