Sydney waterside restaurant to fetch $15m
A prime piece of Sydney’s waterfront and a position on one of the city’s most iconic landmarks is up for grabs, with a restaurant leased to Kingsley’s Woolloomooloo on the market.
The waterside restaurant at Lot 8, Cowper Wharf – also known as the Finger Wharf – is being sold with a new 10-year lease to Kingsley’s with a further 10-year option, with the price expected to push beyond $15 million.
The wharf, one of Sydney’s renowned tourist spots, was built between 1911 and 1915 and is the longest timbered-piled wharf in the world. It is now a fashionable restaurant and hotel destination, as well as a residential millionaire’s playground.
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Stonebridge Property Group’s Carl Molony and Philip Gartland have been appointed to sell the property.
The restaurant is in prime position on the Woolloomooloo waterfront.
Kingsley’s has operated at the wharf site for more than 16 years and was recently acquired by leading food and beverage outfit Dixon Hospitality, which operates 38 restaurants and venues across Sydney and Melbourne.
Molony says the property presents a compelling opportunity in an almost incomparable location.
“Lot 8 is located on the footsteps of the booming Sydney CBD in the city’s premiere fine dining precinct,” Molony says.
Dixon Hospitality has operated the Sydney restaurant since 2000.
“In addition to the trophy waterfront location, Lot 8 presents as a compelling investment opportunity. The new 10-year net lease, outstanding covenant strength, annual CPI reviews and additional percentage rent potential will attract strong interest from domestic and offshore investors”.
Gartland adds: “The opportunity to acquire an iconic real estate investment within a precinct anticipated to benefit from the major infrastructure public and private investment presently being undertaken within the CBD and fringe is extremely rare, particularly when leased to an operator who has traded from the site since 2000,” Gartland.
