A rare slice of retail space in Sydney’s CBD has been listed for sale with an $11 million price tag.
Located within the historic Burns Philp & Co building in the heart of the CBD on 7 Bridge Street, the 490 square metre space is currently tenanted by Rockpool Dining Group and is home to the group’s newest venture, Jade Temple – a hatted Cantonese restaurant created by award-winning chef Neil Perry.
The property was last acquired for $8.5 million in 2015.
The Burns Philp & Co building is located on the south-western side of Bridge Street Sydney, comprising a basement, ground level, mezzanine level and three upper levels of commercial space. It boasts a range of architectural styles, elaborate stonework and ornate carvings over the arched entrance.
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Time and reputation have helped to add potential value, but it is the current state of the Sydney CBD retail market which would inform a hefty offering for the site.
“Prime retail space in Sydney is very tightly held – we only see around 8-10 prime retail properties listed on the market each year, and very rarely of this caliber,” Knight Frank’s Andy Hu said.
“We expect a very high turnout at auction.”
JLL sales executive Steven Tsang said the location will also drive investor interest, due to the and current development environment throughout the city.
“The city’s current infrastructure upgrades surrounding the Burns Philp & Co. building is set to benefit from an unprecedented level of development in the Sydney CBD, including the new Light Rail, George Street pedestrianisation and the underground Sydney Metro Rail.
“These developments will improve connectivity and increase patrons and diners in the immediate location due to the increased number of CBD-based workers.”
Jade Temple is currently tenanted to the property until 31 July 2023, with options.