Restaurant trade in Barangaroo to surge further after $96M property sale
Hospitality trade looks to be surging with property values soaring in the Barangaroo precinct beside Sydney Harbour.
Building spaces in the area which hosts some of the state’s best restaurants are on sale now for about $96 million.
Buildings on sale include the first two harbourside residential buildings, which host some of Sydney’s best restaurants.
It is these restaurants that are the main drawcard for any purchaser.
Cirrus Dining, Chinese dumpling restaurant Lotus Bourke Street Bakery, which serves fresh-baked artisan made bread, rustic pies, and sweet and savoury pastries, Sharetea, Batch Specialty Brewery, Shortstop Coffee & Donuts, modern Turkish restaurant and mezebar Anason, Thai street food venue Muum Maam, Japanese restaurant Zushi and Ume Burger are all part of the precinct’s allure.
The buildings are being sold by developer Lendlease to Brisbane-based funds house Marquette, which will purchase the leasehold of the retail stratum across both buildings at ground level.
The purchase includes two levels of basement and adjoining licenced areas and comprise 20 tenancies including restaurants, cafes, and other retailers.
Marquette would also be pleased by the coming opening of Crown Resorts casino operations after it was granted a licence this week.
The opening of the casino floor is likely to drive even more traffic to Barangaroo’s venues.
The completion of the adjacent Central Barangaroo precinct will also have a positive effect.
The purchase is backed by Marquette’s new unlisted fund, MQT Sydney Harbour Trust, which will be pivotal in the purchase of R8-9 Waterfront Dining & Retail, in Barangaroo Ave.
The properties will cost about $96.53 million.
St George is providing a debt of up to $45.1 million with the manager to raise up to $51.43 million from wealthy investors.
Irit Jackson, 23rd June 2022
