Rockpool and Spice Temple add flavour to Sydney offering

The Sydney building that is home to destination eateries Rockpool Bar & Grill and Spice Temple has been put up for sale.

US-based investor David Doyle, who co-owns the two restaurants with high-profile chef Neil Perry, is set to sell the property, also known as the City Mutual building, at 66 Hunter St in the city’s CBD.

The 2109sqm site comes with lengthy leases to Perry and Doyle’s Rockpool Group, which has operated Spice Temple out of the building’s basement space since 2009, and opened Rockpool Bar & Grill on the two floors above later the same year.

The building underwent a $35 million renovation ahead of the restaurant’s opening seven years ago.

66 Hunter St comes with long term leases to Australia’s most awarded chef, Neil Perry

Colliers International’s Miron Solomons and Matthew Maynell have been appointed to sell the property via an expressions of interest campaign.

Solomon says the Rockpool Group’s lease covenant makes the property one of the hospitality industry’s most enticing opportunities.

66 Hunter St is home to the popular Rockpool and Spice Temple restaurants.

“66 Hunter St comes with long term leases to Australia’s most awarded chef, Neil Perry, who will continue to operate arguably two of the best restaurants in the country at this wonderful location,” Solomon says.

“This is a very unique opportunity. The asset is located in the heart of Sydney’s financial district, and with such a highly regarded, long term and stable tenant in place it will always be highly sought after by a local and international investors. This is one of the strongest covenants in the industry.”

The sale is set to become the second to affect a Rockpool eatery in recent months, after the building that houses the Rockpool restaurant on Bridge St in Sydney sold for $8.51 million in October.

Spice Temple has operated out of the building’s basement since 2009.

Meynell says Doyle is hoping to capitalise on the ongoing demand for prominent Sydney CBD properties.

“The vendor has decided that selling this asset in the current market will free up capital for him to explore future opportunities,” Meynell says.

This is one of the strongest covenants in the industry

“We have experienced extremely high demand for high profile assets with strong covenants such as this, from both local investors and international operators looking for a secure foothold in the Australian market.  We’re expecting strong competition for this asset.”

The expressions of interest campaign ends on March 2.