Inner Sydney mixed-use asset housing the Saga Bar on the ground floor has sold for $4.3 million, following a strongly contested auction. The property was sold by the Sagger family in a deal negotiated by Demi Carigliano, Andrew Harford and Linda Zhu of Knight Frank.

The 164sq m site at 49-51 Goold Street in Chippendale is occupied by a 320sq m two-storey building with a retail component – and recently renovated bar/restaurant - on the ground floor, leased and run by the Saga Bar, and a large two bedroom apartment on the top floor.

The property was sold by the Sagger family to a private buyer in a deal negotiated by Demi Carigliano, Andrew Harford and Linda Zhu of Knight Frank.

Deal at a glance: 

• A property at 49-51 Goold Street in Chippendale has sold for $4.3m
•  The asset consists of a 320sq m mixed-use building, with retail on the ground floor leased by the Saga Bar and an oversized two-bedroom apartment on the top floor, on a 164sqm site
• The sale of the property, which was sold by the Sagger family, was negotiated by Knight Frank

Mr Carigliano said the asset was a prime investment in Sydney’s iconic Chippendale, and presented an opportunity to secure one of the only bar and residential offerings in the tightly-held city fringe.

“It was a sought-after investment amongst both owner-occupiers and investors, with three bidders at auction, driving the price to $4.3 million”.

“The buyer was an investor, who intends to keep the property as is, until the lease expiry in 2024 with a further five-year option.

“The property offers a premium long-term cashflow with a secure food and beverage tenant, with the bonus of being situated in an area earmarked for considerable infrastructure growth and transformation over the next five years, which will see it experience a significant uplift in value.

“The New South Wales government has provided a long-term vision for the surrounding precinct, in place to gentrify the area and bring a concentration of infrastructure spend that will provide considerable uplift to existing properties.

“The $1 billion Central Station redevelopment and multi-billion-dollar masterplan will transform this corridor into a world-class innovation and recreational hub.”

Mr Harford said while a long-term lease is in place with a demolition clause for the property, it presents significant development upside.

“A future purchaser has the opportunity to transform the current improvements into a variety of uses, with bonus floor space ratio awarded to hotels, residential apartments, serviced apartments and boarding houses.”

To request a sales analysis please email either of the selling agents via the below contact forms. 

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