The Basement space hits the leasing market four months after venue shuts doors
The underground space where Sydney institution The Basement made its name will continue operating as a live music venue or bar under a new tenant.
The Basement, Sydney’s oldest licensed music venue, was listed on the leasing market last week by AMP Capital, which manages the property for a private investor.
The Macquarie Place venue has been open for more than 45 years and is especially iconic to the local jazz scene, having played host to the likes of Herbie Hancock, Dizzy Gillespie and a secret show from Prince.
It was announced in March this year that the venue would be closing down the following month. Despite initial reports that this was due to the city’s controversial lockout laws or the owners kicking them out, The Basement management said the current venue wasn’t appropriate going forward.
An AMP Capital spokesperson said The Basement’s closure at the current venue was a decision made by management.
“Like so many Sydneysiders, we want to see The Basement operate successfully for the long term,” an AMP spokesperson said. “AMP Capital had been working closely with The Basement for well over six months to help save its future as The Basement management and decided the space isn’t right for them long-term and want to find a new home.”
The central location is close to The Rocks and Circular Quay. Photo: Supplied
The prime location at Macquarie Place won’t be converted into offices, the spokesperson said.
“It’s too soon to say who may move in but we can say that there is absolutely no intention to turn The Basement into offices,” the spokesperson said. “As property manager we are open to working with our investors to look at all options for the future space, including another music operator.
“To encourage proposals from the next live music, bar or restaurant operator, we have already commenced a leasing campaign inviting operators to reach out to us.”
AMP Capital has now put the 743-square-metre venue back on the leasing market, with an eye for live music and food-and-beverage and pub operators.
The iconic site has a “genuine and compelling opportunity for live music, restaurant and bar operators to secure place in the CBD”, according to the listing advertisement.
It has an existing hotel liquor license and ground floor premises fronting on Macquarie Place.
“AMP wants something that’s going to activate the building. It’s an iconic venue with an amazing liquor license. There’s so much happening over there, and we’ve definitely had a lot of interest,” Oxford Agency’s leasing agent Steffan Ippolito said.
He holds the listing with Precinct Retail’s Matthew Yovich.
What’s next for The Basement
In a Facebook post to mark The Basement’s closure in April 2018, its management team said the venue was no longer appropriate going forward.
“To be clear, the current premises no longer works for The Basement and AMP Capital has not kicked us out, but rather supported us during the change,” the team wrote. “AMP Capital has been a strong supporter of The Basement, our artists, patrons and live music in Sydney for over 10 years.”
“Long-term it doesn’t make sense for us to continue in the current space as we are looking to find a permanent home and long-term solution that is better suited to us.”
Just days after the closure, it was announced that Melbourne businessman and musician Albert Dadon, owner of Bird’s Basement in Melbourne, had bought The Basement’s name and assets, and is currently on the hunt for a new venue in Sydney.
His team wrote on The Basement’s website that they are seeking to purchase or rent a space between 400 and 500 square metres.
