Landlord lists Aria Restaurant premises, but the two-hatted chefs are staying put in the kitchen
The prestigious Aria Restaurant premises – occupying the prized position overlooking Sydney Opera House – is for sale through Colliers agent Stephen Kovacs.
The information memorandum indicates the restaurateurs Matthew Moran and Peter Sullivan retain an ongoing 10-year lease, which was signed in 2009.
The vendors are well-known eastern suburbs property investors Greg Shand and Danny Goldberg.
It’s a two-level strata space in the Opera Quays precinct underneath the Bennelong Apartments on Macquarie Street.
The current annual rental is put at $889,000, plus an envisaged $319,000 annual turnover rental given the estimated $14 million turnover.
The turnover rent is based on recent trading figures arising from an 8% turnover rental above $10.5 million turnover, and at 10% above $12.7 million turnover.
After expenses its projected net income for the landlord is put at $1.01 million during 2012.
The main outgoings are $106,000 in strata levies, $42,000 in land tax and $39,000 in council rates.
It comes with 694 square metres of space, with the bulk of it being its 577-square-metre mezzanine level.
Depreciation items have a written down value of $655,000.
Aria, which has a two coveted chef’s hats, has been trading since 1999.
Offers close March 6 with Stephen Kovac.
