This article is from the Australian Property Journal archive
BRISBANE company rawGROUP Hospitality is looking to replicate the success of its Madame Wu riverfront restaurant, committing $13 million to new offering within the ultra-luxe Opera Residences development.
The group has signed a 12-year lease with a 12-year option for 662 sqm across two floors at Opera Residences at Bennelong Point, on the site of the old Coca Cola Amatil building.
rawGROUP Hospitality director Adrian Rosato said the rental commitment for the first term of the lease is more than $9 million, and with the fit out included, is planning for total investment in this project to be around $13 million.
“Madame Wu Sydney will stretch across two levels, offering diners extraordinary views of one of the world’s most iconic settings, and will be located inside the luxury development that has been reported as having Australia’s most expensive apartments,” Rosato said.
Late in 2016, penthouses in the project sold within a week of each other for successive then-record prices of about $26 million and then $27 million, while two sub-penthouses sold for $15 million and $16 million.
rawGROUP Hospitality opened Madame Wu on Eagle St in 2014, and also owns Chu the Phat Asian street food diner in South Brisbane, a chain of casual Beach Bar and Grill restaurants across south east Queensland, and an Italian eatery at Chermside in Brisbane’s northern suburbs.
Sydney-based designer Paul Papadopolous of DS17, who designed Madame Wu Brisbane, will be working on the Sydney site.
He said Madame Wu Sydney would be “glamorous, contemporary and eclectic”. Madame Wu Sydney is expected to open before Christmas 2020.
