Mercado restaurant space in Martin Place fetches $5.3 million at Burgess Rawson auction

Mercado restaurant space in Martin Place fetches $5.3 million at Burgess Rawson auction
Mercado restaurant space in Martin Place fetches $5.3 million at Burgess Rawson auction

The Mercado restaurant space in Sydney’s Martin Place precinct has sold for $5.3 million at Burgess Rawson’s portfolio auction.

The trophy retail sale to a Chinese buyer fetched a yield of 4.82 percent.

The shop at LG03&04/350 George Street has a land area of nearly 404 sqm.

350 George Street is a refurbished heritage building.

Mercado has a secure lease in place to 2025 with further options to 2035. The lease comes with 4% annual fixed rent increases.

The property earns a net income of $258,053.90 pa + GST.

Chef Nathan Sasi is the mastermind behind the food at Mercado, and his speciality lies in creating everything from scratch. 

The selling agents were Andrew Vines and Darren Beehag of Burgess Rawson.

The property was part of the Burgess Rawson portolio auction held in Sydney in August, which saw 17 out of the 27 properties sell.

Tags: 
Commercial Property Restaurant Sale

Comments

Be the first one to comment on this article
What would you like to say about this project?