Keystone continues its directional shift, with the listing of the iconic Cargo Bar in Darling Harbour.
Following unsolicited approaches for the Newtown Hotel, Cargo Bar and its sister venue Bungalow 8, The Keystone Group (TKSG) underwent a strategic review that subsequently saw the sale of the Newtown pub to Colonial Leisure Group and now the listing of Cargo.
The multi-level Cargo Bar was the first venue for the TKSG, opened in 2000 in time for the Olympics, and a classic example of the operational and creative flair of Fraser Short.
Sixteen years later it is now seen as non-core, as the Group determines to focus more on its wine bar and restaurant businesses.
“As a result of that strategic review, the decision was made by the board of Keystone to release some of the significant capital we have invested in the King St Wharf precinct and to reinvest that capital in to new growth opportunities” said Executive Chairman Richard Facioni.
Ray White Asia-Pacific director Andrew Jolliffe is marketing the property in an intense four-week campaign beginning tomorrow, and points to the depth of market, particularly in the bustling Barangaroo area, adjacent to Darling Harbour.
“It’s hard to imagine a better positioned business in order to take advantage of the huge influx of capital and concentration of people being funnelled into the area,” said Jolliffe.
“Cargo, like other waterfront hospitality icons such as The Watsons Bay Hotel and Manly Wharf Hotel, is a blue chip institution that has served as the epicentre for many a large Sydney celebration, given its impressive scale and unimpeded access to arguably the world’s most attractive harbour.”
Cargo enjoys absolute water frontage at King St Wharf, with luxury cruisers able to dock outside in opulence reminiscent of Monaco or the French Riviera. As such it has been the start or finish of literally thousands of harbour cruises and corporate events.
TKSG managing director and one of the founders, John Duncan, who has been at the helm of operations since the beginning, says the time is right to sell the group’s first ever business.
“The sale of Newtown showed us the market for well-performing iconic venues is quite strong,” said Duncan.
“In addition, we have recently received both formal and informal approaches in relation to Cargo, and consequently the board has decided that now would be an opportune time to engage Andrew Jolliffe to manage a formal sale process on our behalf.”