Secret Sydney bar comes with apartment…and $5.9m price tag

With a hand-carved door, exotic decor and an apartment with a bird aviary, this building housing one of Sydney’s coolest hidden bars is ripe for the eager buyer.

The 164sqm site home to the Saga Bar and a two-bedroom apartment is tucked away in Chippendale’s Spice Alley and is attracting an array of buyers.

A former warehouse, 49-51 Goold St has received more than 120 inquires since launching in March and has a $5.9 million price guide.

It is listed with Knight Frank’s Demi Carigliano, Linda Zhu and Andrew Harford, who are selling the property described as a “rare mixed-use freehold” via private treaty.

Carigliano says it has been popular with investors with the long-term view to potentially develop the site.

The Saga Bar is inspired by Asian, African and Middle Eastern styles.

The Saga Bar is inspired by Asian, African and Middle Eastern styles.

The Goold St building comes with a five year lease to Saga Bar, plus an option to renew the ground floor for another five years. The rental income from the bar and the upstairs apartment is $295,278 per annum.

The Saga Bar is hidden behind two hand-carved wooden doors and is an intimate venue that offers patrons wine and cocktails alongside an Asian infused menu.

The hip bar looks like a setting out of a Stephen Spielberg film and has lanterns hanging from vines, a water feature with a buddha head, a coloured illuminated motif and dim lighting.

“The operator has made it like you are escaping reality into another world,” Carigliano says.

The upstairs two-bedroom residence has character finishes, a huge courtyard, gym and a bird aviary.

The Saga Bar is inspired by Asian, African and Middle Eastern styles.

The apartment has two-bedrooms and a large balcony.

“The tenant has a number of birds that they have rescued from the recent bushfires and are currently rehabilitating,” he says.

The asset has no heritage limitations and a maximum building height of 25m. Under the current zoning, the buyer can explore opportunities for the site such as a hotel, serviced apartments or residential purposes.

Despite COVID-19 rules affecting both the hospitality and real estate sectors, Carigliano says there are able a number of parties eager to buy property such as 49-51 Goold St.

“The market was a standstill at first, but there are more and more people who are now comfortable with the idea of buying and selling in the market,” he says.

The freehold Chippendale investment last traded in 1990 for $525,000, according to CoreLogic.

This article from The Daily Telegraph originally appeared as “Sydney real estate: Chippendale building housing the secret Saga Bar is offering a cool opportunity”.