Sydney CBD Home of BBQ King Hits Market for $25m

A heritage building in Sydney's southern CBD precinct has been listed for sale with price expectations of around $25 million.

The building located on a 350sq m site at 76-78 Liverpool Street sits strategically in the Darling Harbour precinct between Cockle Bay Wharf and Anzac Square.

The six storey building, split in to two retail spaces and four office levels, comprises 1,501sq m of lettable area and has undergone a full scale renovation since last trading for $6.3 million in 2010.

The ground floor tenancy was designed and refurbished for three-decade-old restaurant BBQ King before they took the space in 2016. The legendary restaurant, a dining institution for all foodies and locals in the Southern CBD precinct, opened in Chinatown in 1983.

Savills Australia agents Jordan Lee and Andy Hu are marketing the property. Lee said the southern precinct is a lively sector of the Sydney CBD with its mix or retail, office, residential, entertainment, educational and hotel uses.

“76-78 Liverpool Street is strategically positioned to benefit from the master planned Barangaroo and Darling Harbour Live projects,” Lee said.

The location is convenient to the Darling Harbour precinct that includes the restaurants and bars at Cockle Bay Wharf, Chinatown, Darling Quarters, ICC Sydney and Barangaroo.

Public transport is readily accessible at Town Hall and Museum Stations as well as bus stops on George Street and the Sydney Light Rail.

“We expect interest from a range of buyers, both locally and offshore, looking for a safe haven investment, and a successful and popular tenancy such as BBQ King is just the icing on the cake for a property such as this,” Hu said.

Nearby, infamous Irish watering hole Scruffy Murphy’s at 43-49 Goulburn Street in Haymarket has also recently been listed along with neighbouring sites 698-704 George Street and 51-57 Goulburn Street.

The building holds a stage one approval that will allow the site to yield a hotel and residential tower or an office tower development with an end value of more than $300 million.