Sydney's Kazal family sell Circular Quay retail space

Sydney's Kazal family sell Circular Quay retail space
Sydney's Kazal family sell Circular Quay retail space

Sydney's Kazal family has sold Circular Quay retail space - leased to Management International Group and trading as Buckley's Craft Beer Bar - for $21.5 million.

It reflected a tight net yield of 4 per cent.

The new owners of Shop 18A Opera Quays, 7 Macquarie Street plan to hold the high-performing asset for the long term.

The 408 square metre strata-titled property has 256 square metres of lower ground promenade space as well as 137 square metres in mezzanine space which features a fully operational commercial kitchen, walk-in cold storage and private staff meeting rooms.

The restaurant with a hotelier's licence can hold 500 patrons. A lease with options is in place until 2024.

There are 18 other similar lots on the high-profile promenade, which leads to the Sydney Opera House.

"Buckley's Bar is strategically located with a large outdoor seating component with direct water views, with these features making this retail strip one of the most tightly held precincts in the Sydney CBD," selling agent Cushman & Wakefield's Anthony Bray told Fairfax Media.

It follows another Circular Quay asset sold earlier this year when the 131 square metre Shop 12 at 1 Macquarie Street sold for $10.2 million in an off-market sale, at a net yield of 3.15 per cent.

Mr Bray brokered the sale with colleague Ryan Cross.

Tags: 
Retail Sale Circular Quay

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