Developer Anson Group has paid $50 million for the Chinatown building which for three decades accommodated the Golden Century restaurant.
The developer, which is headquartered up the street, is expected to lease out the four storey building, 393-399 Sussex Street, Haymarket, while proposing a longer term redevelopment.
Agents marketed the 708 square metre site’s potential to yield a circa-14 storey tower.
Elsewhere in Sydney, Anson is behind commercial and high-density residential projects in Burwood, Kensington and St Leonards.
It also delivered the Emporio at 339 Sussex St – not far from the Golden Century.
Spreading 2135 sqm, 393-399 Sussex St accommodated Golden Century until last year.
Near the ALP headquarters, it was a popular political haunt.
It was also a celebrity hotspot with chefs including Heston Blumenthal, Jamie Oliver and late Anthony Boudain visiting.
Savills’ Jordan Lee and Andy Hu with JLL’s James Aroney and Linda Ko were the agents; their campaign also targeted investors and owner-occupiers.
“The building is surrounded by local landmarks including Paddy’s Market, the University of Technology Sydney, Darling Quarter, Central Park, World Square and…Tech Central,” the agents said.
It is also a kilometre from Sydney Tower, they added (story continues below).
Another Haymarket deal
The deal comes 15 months since a Hong Kong family outlaid $23.25m for 398-402 Sussex St, across the road – also Harry Seidler’s first office (and on a compact 177 sqm block).
Late last year a Vietnamese investor outlaid $25m for a collection of Haymarket sites, 806-812A George St, all up spreading 560 sqm.
Permit ready for a 10 storey hostel, its airspace can actually make way for something up to 17 floors.
“The [Golden Century] property generated strong interest, as one of the most significant transactions in Haymarket so far this year,” Mr Lee said.
“Premium retail offerings along this section of Sussex St are rarely offered to the market and the high-exposure location of this asset is second to none,” he added.
“The property greatly benefits from the bustling activities in the nearby retail precinct,” according to the executive.
“Haymarket’s location close to Central Railway and the Tech-Central Precinct is ideally poised to benefit from an unprecedented private and public investment into the area,” Mr Aroney said.
“This regeneration underpins Chinatown’s appeal as one of the most vibrant districts in Australia”.
Subscribe to our newsletter at the bottom of this page.