The Huang family has sold the "Buckley’s Bar" site on Sydney's Circular Quay for $25.1 million after two years of ownership.
A Macao-based investor snapped up the waterfront asset on a deal reflecting a 3.5 per cent net yield.
The strata titled property has a total net lease area of 408sq m, including 256sq m of Quayside promenade.
The sale comes after the Huang family purchased the property, at 7 Macquarie Street, in mid-2017 for $21.5 million with a net yield of 4 per cent.
Cushman & Wakefield’s Anthony Bray and Ryan Cross managed the expressions of interest campaign, which Bray described as “fiercely competitive, particularly amongst offshore investors”.
“Having held the asset for just over two years, the significant increase in value delivered an outstanding outcome for the vendor,” Bray said.
Cross said that ongoing development activity in and around Circular Quay including Quay Quarter and Opera Residences, expected to be completed by 2021, have supported further uplift to the precinct.
The retail lot will continue to be occupied by lessee Management International Group, and trade as Buckley’s Craft Beer Bar.
It currently returns an annual net rent of $880,631 plus GST with a lease term to 2029.