This article is from the Australian Property Journal archive
THE iconic ex Golden Century Restaurant site in Haymarket has hit the market and expected to fetch around $60 million.
The property is exclusively for sale through Jordan Lee and Andy Hu of Savills with co-agents James Aroney and Linda Ko from JLL.
The agents said the site is one of the most significant freehold in the Haymarket precinct, located at 393-399 Sussex Street, occupying a 25m street frontage to Sydney’s famed Chinatown.
Lee said the property’s renowned location adds significant value to the asset.
The building is surrounded by local landmarks including Paddy’s Market, the University of Technology Sydney, Darling Quarter Precinct, Central Park, World Square, and the Tech Central Precinct; importantly it is located just 1km away from Sydney Tower.
“Premium retail offerings along this section of Sussex Street are rarely offered to the market and its location is second to none. The property greatly benefits from the bustling activities in the nearby retail precinct,” Lee said.
The property occupies a 708sqm site that is significantly underdeveloped benefiting from a favourable 7.5:1 base FSR with potential bonus for a variety of alternate development options including retail, office, and hotel use to generate a total GFA of 6,372 sqm (STCA).
The site is improved by a four-storey retail building offering approximately 2,135sqm of NLA.
Aroney said Haymarket is primed to benefit from an unpreceded $5.5 Billion of private and public investment into the area.
“This regeneration will underpin its appeal as one of the most vibrant districts in Australia and ensure enduring demand for these extremely scarce high exposure retail offerings in Chinatown,” he added.
“This is one of the first Haymarket freehold offerings in 2022 and we believe this iconic building will appeal to local and offshore buyers looking to capitalise Triple A security the Sydney economy provides by acquiring a once in a lifetime institutional building in Chinatown.” said Hu.
