Neil Perry’s Rockpool premises sold
Neil Perry's Rockpool Bar & Grill restaurant in Sydney has been sold for close to $30 million.
Allegra European Holdings snapped up the retail strata property located in the elegant old City Mutual Life Assurance Society building on Hunter Street.
As part of the deal, it also picked up the Spice Temple which was once occupied by the gentlemen-only Pickwick Club located below street level.
One reason why the place attracted such a good price is that it involved a long-term lease-back to celebrity chef Perry.
Allegra European Holdings is controlled by one of Europe's wealthiest families, the Losantos. The group has direct property investments and developments in cities such as Madrid, New York, Chicago, London and Berlin.
In December 2015, the same group made its maiden real estate purchase in Australia when it bought the Bvlgari House building in Sydney for $29 million. The property is located in Sydney's luxury retail strip on Castlereagh Street.
When that deal came through, property experts said it carried a passing yield of 5.7 per cent and a higher rate per square metre of about $25,000 because it is a luxury retail store.
However, prices have since gone up and there aren’t that many options for quality real estate on the market.
As a result, the yield on the Rockpool Bar & Grill is estimated to be closer to around 6 per cent.
The Rockpool sale was negotiated by Miron Solomons and Matt Meynell of Colliers International.
They said it was a record breaking transaction.
"The venue will remain on long-term leases with both Rockpool and Spice Temple and the legacy continues with Neil Perry at the helm of two of Australia's most renowned dining institutions," Mr Solomons told the Australian Financial Review.
"The international expressions of interest campaign attracted huge global interest with a number of candidates entering the second round, with the new owners handpicked as a perfect fit for both the ownership of the historic heritage building and also the working relationship with Neil Perry,"
by Leon Gettler, August 8th 2016
