Restaurant and nightclub tipped to fetch $6 million
A restaurant and nightclub in one of Sydney’s grand old bank buildings is going to auction this month.
This is the former Bank of NSW building. Built in 1940, it is heritage listed and when it was completed, it was Australia’s second highest building at 12 storeys.
The expectation is that it will sell for over $6 million.
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The Carter, a hip hop-themed restaurant, bar and nightclub inspired by Beyoncé and husband Jay Z is located at the art deco building at 16 O’Connell Street. It takes up a space of 706 square metres over three levels and a basement.
The tenant is planning to refurbish the venue through a $350,000 project.
Private booths and a marble bar, connected by a balcony overlooking the main bar downstairs, occupy the former bank’s private chambers. A restaurant space featuring an open kitchen is in the basement. It also comes with bar and kitchen equipment, including air conditioning units, beer stations, fridges and storage cages – worth about $320,000.
The property comes with a liquor licence.
It was last purchased for $4.15 million in 2007 by local investors.
Now they have put it on the market to divest the asset.
The space was formerly the site for of the Swine and Co restaurant which means it has attracted investors active in the food and beverage sector.
“Investors in that type of industry like it because it’s a unique area, there’s a lot happening in that area,” Colliers selling agent Jordan Lee told commercialrealestate.com.au.
There is a 10 year lease on the property with a five year option so aspiring owner occupiers will have to wait for eight years.
The property generates a net annual income of about $312,000.
The property will be auctioned on September 20. Colliers International’s Harry Bui and Tom O’Neill will be handling the sale.
Leon Gettler, 4th September 2018
