This article is from the Australian Property Journal archive
DAYBREAK Holding Australia has paid $40 million for the art deco building in Sydney’s CBD home to restaurants, Rockpool Bar & Grill and Spice Temple, in another late-year major retail acquisition by a Macau-backed investor.
Vendor Spanish company Allegra European Holdings bought the properties at 66 Hunter St in 2016 for $30 million, one year after taking the Bulgari store at 64-68 Castlereagh St nearby.
The 2,000 sqm retail space inside the 1936 City Mutual Life Assurance Society building is leased on a 10 year deal with optins to Neil Perry and the Urban Purveyor Group’s Rockpool Dining Group.
Net annual rent from the properties is about $2 million with 4% annual increases, making for a yield of about 5%.
The Buckley’s Craft Beer Bar site in Circular Quay has just sold to a Macau-based investor for $25.1 million, on a yield of 3.5%, two years after the Huang family bought the waterfront property for $21.5 million.
Buckley’s Craft Beer Bar has a 15 year lease to the end of April 2029.
On the Gold Coast, Macau gaming mogul Loi Keong Kuong has made a second major acquisition in Surfers Paradise 18 months, paying about $65 million to EG Funds Management for the Circle on Cavill retail centre in Surfers Paradise.
