Legendary late-night Kings Cross business on the market for the first time in 35 years
The legendary business that occupies one of Australia’s most prominent sites is for sale – and for a knockdown price from the owner who wants a break after working there for 32 years.
The 4 Seasons Chicken Spot in the heart of Kings Cross, known by generations of revellers as the place to go for a kebab, burger or slice of pizza after a big night out, is on the market for the first time since 1984.
“After being there seven days and seven nights a week for so many years, I just need a break,” said owner George Kountouris, who’s had the business for 11 years after his parents and uncle started it 35 years ago.
“Like with most Greek families, you grow up working in the business, and I’m now tired and it’s time to have a break. I’m not sure what I’ll do next, but I need to have some time off. Maybe it’s a mid-life crisis, but I need to slow down.”
The Chicken Spot is on the corner of Darlinghurst and Bayswater roads, close to the famous Kings Cross neon sign, and operates on Fridays and Saturdays from 9am to 6am, on Tuesdays, Wednesday and Thursdays until 4am, Sundays till 2am and Mondays till midnight.
Its 66-square-metre strata site at 80 Darlinghurst Road was sold in April 2018 for $2,298,000, by agent Daniel Courtnall of Knight Frank, now of Cushman & Wakefield. But the business, which has a lease until February 2020 and two additional three-year options, is now on the market, including fixtures and fittings, for less than $100,000.
“It’s a premium exposure site close to the train station and buses, and in an area with lots of new businesses going in,” said Jan Forsyth of SBX Business Brokers who’s selling the business. “It’s perfect for a fast food takeaway, and is very well priced.
“We’ve had a few people put off because of the lockout laws but I don’t see that as a problem. It’s such a built-up area and there are so many residents moving in, with a new 19-story apartment building just opposite.”
Kings Cross has suffered some lean years since the lockout laws were imposed in 2014, but they have recently been relaxed a little, and a swathe of new shops have opened on the ground floor of the same Minton House building. They include Greene St Juice Co, pasta café Friggitoria, chicken shop Thirsty Bird, Greek café Plateia and Vietnamese restaurant Retro Saigon.
The Chicken Spot, in the choice position, is advertised as having a net annual income of $125,000 a year. “Our new landlord is very good, and is willing to meet the market and negotiate a new lease on a reduced rental of $1700 a week,” said Mr Kountouris. “For that price, I’m virtually giving it away in one of the best positions in Sydney.”
Mr Courtnall says the business operates in a great location, in a suburb with a lot of new apartment developments and a growing population, as well as continuing to be a tourist hub.
“It’s pretty iconic there,” he said. “It was a very good investment given that location.
“I think everyone’s bought a kebab from there over the years after a night out at Kings Cross. Everyone knows it.”
Stephen Kruyer, of LJ Hooker Commercial, says that site has enormous potential. He believes the whole precinct is changing, with the continued gentrification of the Cross, and there’s plenty of demand for food.
“The lockout laws are more relaxed now and that’s a very well-known location in one of the most densely populated areas of Australia,” said Mr Kruyer. “It’s directly across the road from the new Woolworths and there’s lots of passing trade.”
