Sydney Japanese restaurant sold for $53 million

The Teoh family, who are behind Australian telco TPG, have acquired the site that’s the home of celebrity chef Wakuda Tetsuya’s award-wining Sydney Japanese degustation and eponymous flagship restaurant.

The prime 1607sq m site at 529 Kent Street in the Sydney CBD housing Tetsuya’s was sold for $53.5 million last month.

Mr Tetsuya, a part owner of the site, and other investors sold the building, which has heritage value.

Significantly, the popular restaurant will remain on the site which has been refurbished with traditional Japanese-inspired influences creating a dining sanctuary.

According to public records, TPG scions Shane, Jack, John and Bob Teoh bought the site through a private company. They also have the site adjoining it at 320-334 Sussex Street. They bought that site for $4.8 million in 2011 and its area of 1043 square metres is used for commercial purposes.

The latest acquisition gives the Teohs a solid 2600 square metre site to develop down the track.

And if nothing else, it bolsters the Teoh family’s presence in the corner of the city that sits opposite the long-time George Street cinemas and places them well for further investment and development. 

The area has attracted developers building mixed-use residential and hotel projects, an increasingly popular development option for the southern end of the CBD.

Developers coming into this part of the CBD include Chinese-backed Shokai Ausbao and Shanghai United are now creating for hotel/residential towers.

Then there is Shokai Ausbao who is building the new Crowne Plaza less than two blocks away at 60 Bathurst Street. That development will feature 95 apartments and 152 hotel rooms.

And three blocks away, there is the construction of Chinese private equity group Shanghai United's boutique MGallery by Sofitel hotel and Castle Residences.

The Castle Residences precinct has also attracted Chinese developer Greenland which has paired the grand Primus Hotel with its future Greenland Centre apartments.