A recently renovated Haymarket landmark pitched to be the next big versatile hospitality venue in the city’s southern fringe, is being sold by a private investor.
Constructed 1884, the multi-storey Goulburn St building was originally a barracks for the Salvation Army, before being transformed in the 1960s into the China Town Twin Cinema.
Occupying a 565sqm site on the block between George and Sussex streets, it has stoically remained to find itself in the epicentre of Chinatown and adjacent to the bustling World Square precinct.
Holding some heritage aspect to its façade, it is currently vacant and the owners took the opportunity to execute a full BCA upgrade and restoration, including new services across all four levels. It provides gross floor area (GFA) of 1,694sqm, and enjoys a commanding street frontage and natural light from three sides.
The property sold around the turn of the century for circa $4 million and was held by family owners for two decades, until the current owners purchased it in 2021.
City of Sydney has acknowledged the importance of the Haymarket and Chinatown precinct to the cultural fabric of Sydney, this year launching a public domain plan and revitalisation strategy set to reignite the location for future generations, as the CBD shows continued re-emergence and a shift toward a younger demographic.
The trajectory provides significant opportunity for a new owner to create a location that benefits from the trends, and it’s anticipated the market will find sale price in the mid-30-millions.
A sale campaign is being managed by HTL Property’s Andrew Jolliffe in conjunction with Colliers’ Matthew Meynell, who suggest the “statuesque” structure is suited to both hospitality owner-occupiers and investors, with interest anticipated from both within Australia and offshore.
Marketing cites the “extremely rare” offering of an historic and identifiable stand-alone Sydney CBD building possessing such scale, flexibility, and “unmistakable aesthetic”.
Already privy to high around-the-clock foot traffic in retail, dining and tourism, Goulburn Street is a pillar of Sydney’s $3.64 billion nighttime economy, which incorporates more than 4,600 businesses employing over 32,000 staff, and is dominated by the properties with scale, in densely populated locations.
“Concerted local and state government efforts have been Sydney’s well documented focus on continuing to grow its already hugely prosperous nighttime economy,” notes Jolliffe.
“And it intersects well with this property, in arguably the busiest nighttime precinct in Sydney, particularly given its epicentre location and positioning.”
The vacant freehold of 27-33 Goulburn St is being sold via an international Expressions of Interest campaign, concluding Wednesday, 24 April.
