ALLEGRA EUROPEAN HOLDINGS ACQUIRES A SECOND PROPERTY IN THE SYDNEY CBD!
Manuel Pavia of Blueprint Property has again negotiated the acquisition of another strategic retail investment in the Sydney CBD on behalf of corporate Spanish clients Allegra European Holdings!
The strata title retail property, on the ground floor and sub-basement of 66 Hunter Street Sydney, comprising approximately 2,000 square metres, is the home of Neil Perry's fine dining Restaurants Rockpool Bar & Grill and Spice Temple.
After extensive negotiations on new leases for Rockpool Bar & Grill and Spice Temple, Manuel Pavia of Blueprint Property closed the deal on behalf of Allegra, at purchase price close to $30 million, reflecting a passing yield of almost 6%.
The American-style art deco building at the corner of Bligh and Hunter streets underwent a $35 million redevelopment when Perry, backed by investors, opened the restaurants in 2009.
There was another refurbishment in 2015, to expand the dining experience. The top-quality restaurants trade very well and are regarded as among the CBD's finest.
Last December Manuel also negotiated the purchase on behalf of Allegra of Bvlgari House at 66 Castlereagh Street Sydney for around $29 million. The Bvlgari purchase reflected a passing yield of 5.7 per cent and a rate per square metre of $25,000.
Allegra European Holdings are seeking to make further acquisitions in the Sydney and Melbourne CBD's. For further details please contact Manuel Pavia.