Investor Daybreak Holding buys home of Rockpool and Spice Temple
Macau-backed private investment group Daybreak Holding Australia has snapped up the art deco home of two of Sydney’s finest restaurants, Rockpool Bar & Grill and Spice Temple, in the Sydney CBD for $40 million.
Its previous owner, Spanish company Allegra European Holdings, settled the sale about a week ago in a deal cut by Blueprint Property’s Manuel Pavia and Anthony Malek.
The Spanish company first purchased the properties for $30 million in 2016, in an acquisitive streak that included the nearby Bulgari store at at 64-68 Castlereagh Street, scooped up in 2015.
Set inside the historic 1936 City Mutual Life Assurance Society building, the super-prime 2000sq m retail space was leased to Neil Perry and the Urban Purveyor Group’s Rockpool Dining Group on a 10-year lease with options.
The property at 66 Hunter Street first came on the market in the middle of the year, with expressions of interest closing in August.
The $40 million sale has closed at a net yield of about 5 per cent. The properties turn over a net annual rent of about $2 million which is tied to an annual rent increase of 4 per cent.
Part of the appeal of the property and the uplift in its value laid in its position across the new Martin Place metro station which would be built across the road.
That metro station would also run under Macquarie Group’s over-station commercial “north tower” at Castlereagh, Hunter and Elizabeth Streets. The group is selling the other “south” tower also known as 39 Martin Place in what could be a $750 million transaction.
This is the second prime retail space in the Sydney CBD which has sold for a bumper premium in recent weeks.
The Rich Lister Huang family sold its landmark Circular Quay retail space leased to Buckley’s Bar for $25.1 million, reaping close to $4 million after just two years of ownership.
