Sydney Harbour-front gem for lease in tightly-held pocket
The restaurant, shop 15 at 1A Macquarie Street, boasts spectacular al fresco dining in an exclusive outdoor seating area adjacent to an external staircase, available with a licence from Place Management NSW.
The property also features an additional 20-square-metre storage area, plus a rare car parking space.
The long-term tenants’ lease is up for renewal, meaning Searock Grill, a seafood and steak restaurant, may sign on again or move on after almost 15 years of lunch, dinner and late-night trading.
The property is being offered for public lease by expressions of interest through a joint campaign between Colliers International and Retail Commercial Consultancy.
A private family has held the asset since 2003 and invites potential tenants to pitch fresh ideas that tap into the location’s vibe while seeking $900,000 in rent per annum plus GST.
The venue, which offers 365-days-and-nights-a-year trading along Circular Quay, is surrounded by popular venues like the Opera Bar, Whalebridge, East Chinese, and Wahlburgers.
There is zero vacancy in the area for large-sized retail premises.
Searock Grill has operated at the tourist hotspot since 2010 and was a brasserie before that.
Listing agent Andrew Vines, owner of Retail Commercial Consultancy, said the current tenants had come to the end of a 10-year lease term plus a five-year option.
Searock Grill was contacted for comment.
The bustling promenade promises year-round activity, from cruise ship passengers to crowds attending events like New Year’s Eve fireworks, Vivid Sydney, and Australia Day celebrations.
Retail brands keen to establish a flagship presence in a busy area are expected to show interest.
A prime opportunity for high-profile brands
Vines said the precinct was undergoing a transformation.
“It’s exciting to see the area moving towards upmarket food and beverage outlets and luxury souvenir shops,” he said.
“The owners are very willing to consider any good quality retail tenant.”
He said other potential tenants could include globally renowned names, such as Starbucks Roastery, Venchi Chocolatiers & Gelati, and Godiva, which blend cafe culture with integrated gift shops, appealing to tourists and locals.
A location of proven success
The Sydney Opera House precinct has a history of commercial success.
A 16-square-metre gelato shop in the area set an Australian retail record in 2022, selling for $185,000 per square metre and generating significant returns for its operators.
“The demand for retail space here is unparalleled. With zero vacancies for large premises, this is a unique opportunity to secure a high-profile spot in the country’s most-visited destination,” Vines said.
Legacy and long-term potential
The property carries a rich legacy.
The landlord’s family, who have a longstanding connection to the area, previously ran a hospitality venue – takeaway food kiosks – at Circular Quay in the ’80s and ’90s, Vines said.
“It’s a fantastic asset that they want to hold for generations ahead.
“They’ve never operated the property, but they bought it because they thought owning a restaurant on the doorstep of the Sydney Opera House was something special.”
The property is minutes from public transport, including the Circular Quay train station, buses, and ferry wharf.
It is also close to other main Sydney attractions, such as the Botanic Gardens of Sydney, the Museum of Contemporary Art (MCA) and The Rocks.
As the precinct evolves, the redevelopment of Circular Quay train station post-2025 could drive even more interest from current retailers seeking long-term security in the bustling promenade.
A once-in-a-generation opportunity has emerged for businesses looking to make their mark at one of Australia’s most iconic locations.
Expressions of interest can be directed to Vines, together with Colliers International’s Michael Tuck and Jo Windybank.
