Tetsuya's building in Sydney's CBD sold for $53m to Teoh family
The home of Tetsuya’s, the award-winning Sydney restaurant of celebrity chef Tetsuya Wakuda, has been sold to the Teoh family of Australian telco TPG.
Mr Wakuda, who is part owner of the site, and other private joint owners sold the prime 1607-square-metre site at 529 Kent Street in the Sydney CBD for $53.5 million last month.
It is understood the popular restaurant will remain on the site and continue as an operating business. The site has been refurbished with traditional Japanese-inspired influences to create a dining sanctuary.
Importantly, the acquisition of the site means the Teoh family has increased its stranglehold over the corner of the city that sits opposite the long-time George Street cinemas. It is an in-demand area now flush with developers building mixed-use residential and hotel projects, an increasingly popular development option for the southern end of the CBD.
Public records show TPG scions Shane, Jack, John and Bob Teoh bought the site through a private company.
They also own the site adjoining it, 320-334 Sussex Street, which they bought for $4.8 million in 2011. That site’s area is 1043 square metres and it is used for commercial purposes.
Sydney chef Tetsuya Wakuda. Photo: Jennifer Soo
The building on the site, which has heritage value – but not to be confused with another heritage building nearby, the Judges House at 531 Kent Street – is leased to a variety of private businesses.
This gives the Teohs a solid 2600-square-metre site to develop down the track.
Big projects
Developers and investors in this part of the CBD such as Chinese-backed Shokai Ausbao and Shanghai United have already paved the way for hotel/residential towers.
Less than two blocks away, Shokai Ausbao is building the new Crowne Plaza hotel at 60 Bathurst Street, which will feature 95 apartments and 152 hotel rooms.
The Sydney Irish pub Scruffy Murphy’s on the other side of the cinemas could also soon make way for a new 40-storey hotel and residential tower with retail shops.
The construction of Chinese private equity group Shanghai United’s boutique MGallery by Sofitel hotel and Castle Residences is also under way three blocks away.
Chinese developer Greenland has also paired the grand Primus Hotel with its future Greenland Centre apartments in the same precinct as Castle Residences.
Colliers International’s Robert McCuaig and Steam Leung brokered the off-market sale, but declined to comment.
The Australian Financial Review also contacted Mr Wakuda but he didn’t return calls.
