Browse all categories | Subscribe My Account | Logout
Browse all categories
< Back

Miron Solomons: basement retail 'expert' wins another mandate for coveted Martin Place venue

People & Companies / Latest News

Australia

Mar 28 2017

Add to Favorites

Share this Article:

Mark Westfield

Colliers International director Miron Solomons has won the mandate to sell the downstairs bar/restaurant at 53 Martin Place, occupied on a 5+5+5 lease by the operators of the Barrio Cellar chain after a string of successes in selling similar basement venues around the Sydney CBD.

The 301 sq m premises in the striking Art Deco former APA Insurance building is accessed from Elizabeth Street. It has a full hotel licence, late night approval, and net income of $157,000. Having the formal address of Lot 1, 53 Martin Place, it is due to go to auction on 13 April.

Solomons has specialised in these CBD cellar venues since selling the Strata Lots occupied by the Fratelli Fresh restaurants in Bridge and Macquarie Streets in two separate deals for $5 million and $4.4 million respectively, and the Spice Temple and Rockpool venues in one line last year for a total of $30 million to a European investor. Although at ground level, the Lindt Café premises, in the same building in Martin Place as Barrio Cellar, fetched $8 million when Solomons sold it in September 2014.

In yet another impending transaction through co - agents Burgess Rawson, Solomons is due to auction the Bouche ground-level restaurant and basement bar venues in Bridge Street, immediately opposite the underground Fratelli Fresh restaurant which was the site of his first deal in this style of property four years ago. The Bouche venues are due to go to auction on Tuesday 4 April.

The impending sale of the leases of these venues comes at a time the Sydney CBD is being transformed by dozens of office/residential/hotel construction and refurbishment projects along with the $2.1 billion light rail being built along George Street. Solomons describes the area around Martin Place, the centre of the Sydney CBD’s financial, civic and retail heart, as “the most tightly held investment precinct in the country.”

“These basement venues present rare opportunities for smaller players to buy into this sought-after area which is normally the preserve of the big institutional investors, the Dexus’, Charter Halls and Macquaries,” he says.

“These big investors are spending upwards of $500 million rejuvenating their properties up and down Martin Place and this can only benefit the smaller, more nimble players.

“When an asset does come on the market in the sub-$20 million market, enquiry is strong, driven by cheaper credit, strong returns, shortage of stock, and an increase in new investment vehicles. Offshore investors, syndicators and SMSFs are dominant in this part of the market.”

SOURCE: Feature Article

img

You may also like...


Load More

bannerImage
bannerImage

Login into your MP Report account

Forgot my password

Sign up to the MP Report

Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.

SIGN UP HERE >