Double Bay Chinese Restaurant sells for $9.7m
The Double Bay Chinese Restaurant which served up its famous last Mongolian lamb dish last month has sold for a whopping $9.7m, property records show.
The prominent site at 332 New South Head Rd has operated as a Chinese restaurant for more than 50 years.
Having bought the building for $2.25m nine years ago, chef Ming Pang and his wife, Bonnie Lang, are retiring.
The huge deal was done in April via Belle Property Double Bay’s Alain Waitsman and Jake Fahd, who has recently moved on to head up TRG Commercial with Gavin Rubinstein.
But it’s only just settled in the name of a company linked to property developer Karen Wolf.
It’s understood the previous highest offer on the two-storey building, with 240 sqm of commercial area, was $6m.
The new owners will refurbish the former restaurant and rent it out, using the upstairs as offices.
But the ultimate plan is to obviously redevelop the whole site.
Ming Pang had worked at the restaurant since it was The Red Door back in the late 1980s.
The building was sold with a full commercial kitchen and large reception area with on-site parking and rear access via Gum Tree Lane.
The Belle Property listing suggested it was “an outstanding opportunity to establish a prominent presence in Double Bay”.