This article is from the Australian Property Journal archive
AN inner-Sydney mixed-use building housing the Saga Bar on the ground floor has sold for $4.3 million under the hammer.
The Chippendale property at 49-51 Goold Street occupies a 164 sqm site with a 320 sqm two-level building with a retail component and the recently renovated bar and restaurant on the ground floor, and a large two-bedroom apartment on the top floor.
The property was sold by the Sagger family to a private buyer in a deal negotiated by Demi Carigliano, Andrew Harford and Linda Zhu of Knight Frank.
Carigliano said the asset presented an opportunity to secure one of the only bar and residential offerings in the tightly-held city fringe.
There were three bidders at the auction. The buyer is an investor who intends to keep the property as-is. The current lease term expires in 2024 with a further five-year option.
“The property offers a premium long-term cashflow with a secure food and beverage tenant, with the bonus of being situated in an area earmarked for considerable infrastructure growth and transformation over the next five years, which will see it experience a significant uplift in value,” Carigliano said.
Chippendale is close to the $1 billion Central Station redevelopment and Frasers Property Australia and Dexus’ $2.5 billion Central Place Sydney project, where they have unveiled plans for two office towers and integrated distribution facility, and near to tech giant Atlassian’s future headquarters – the world’s tallest hybrid timber tower.
