This article is from the Australian Property Journal archive
A BUBBLE tea shop in Sydney’s Circular Quay has smashed the Australian per square metre retail record, fetching an eye-watering $132,558 per sqm.
A local investor splashed out $5.7 million for the 43 sqm lot 11, 1A Macquarie Street, leased to Coco and perched in a waterfront location across the Opera Quays boulevard.
“Amongst the synonymous global brand, the desirable world-famous harbour location generated an enormous amount of interest during the campaign with more than 150 enquiries coming from both private local and offshore Asian investors as well as potential longer-term owner occupiers,” said Colliers’ Joseph Lin, who sold the property with Angus Windred in conjunction with Plus Agency’s Peter Li.
Windred said – being only one of a few “wet shops” across Opera Quays, provided the “once in a lifetime opportunity to purchase a versatile super prime retail asset, with local confidence rising in the anticipation and return of international tourism”.
Lot 11 was marketed and sold alongside Lot 54 for a combined $9.76 million. Lot 54, a 186 sqm waterfront office suite, fetched $21,828 per sqm.
The newly-set record could be under immediate threat – Colliers and Plus Agency are now bringing to market Lot 10, the Guylian Belgian Chocolate Café, which is set to go to auction later next month and again attract local and offshore interest.
“Guylian Belgian Chocolate Café provides a valuable corner position with exclusive outdoor dining space offering one of the rarest opportunities within the Quays. We are anticipating this to be one of the hottest and most-watched auctions of 2022,” Li said.
Colliers data shows Asian capital accounted for $53.5 million of the $115 million of Sydney CBD office and retail strata property sold by the agency in 2021, and achieved a rate close to $20,000 per sqm, abou 30% higher than the average rate.