Sydney’s iconic Cargo Bar is up for sale.
The harbourside venue at King Street Wharf, which has become one of Sydney's most popular bars over the last 16 years, is being put up for sale by owner Keystone Group.
Fairfax reports Keystone directors expect strong interest in the venue due to its proximity to Lendlease's Barangaroo South development.
The sale is being managed by Andrew Jolliffe and Joel Fisher of Ray White Hotels Australia.
Mr Jolliffe told Fairfax the phone has been "running hot" from prospective buyers.
"Cargo, like other waterfront hospitality icons such as the Watsons Bay Hotel and Manly Wharf Hotel, is an institution which has served as the epicentre for many a large Sydney celebration," Mr Jolliffe said.
The multi-level hospitality flagship was opened in time for the Sydney 2000 Olympics, and since then has been the port of call, literally, for the thousands of weekly harbour cruise patrons who depart and return from large floating corporate events to and from the venue's front door.
Keystone's executive chairman Richard Facioni said the decision to sell Cargo would underpin the future growth plans for the group.
These will include an expansion of its burgeoning wine bar and restaurant businesses.
"As a result of that strategic review, the decision was made by the board of Keystone to release some of the significant capital we have invested in the King Street Wharf precinct and to reinvest that capital into new growth opportunities," Mr Facioni said.
"While the sale of the Newtown Hotel was via an unsolicited approach, the sale was consistent with Keystone's strategic direction and further reinforced the group's decision to focus on its core growth business.