Real Estate News

Wed Aug 24

Investors hover over slice of Darlinghurst’s small bar scene

One of the first small bars to open its doors in Sydney, Darlinghurst’s Pocket Bar is up for auction and ready for an investor to pull up a stool.

Recently listed as one of the Sydney’s Best Small Bars*, Pocket bar opened in 2009 at the beginning of what can be described as the small bar revolution.

Gunning’s Director of Metropolitan Sales and Investments Tom Speakman said like many of its kind Pocket Bar had a life before being transformed into a drinking hole.

“Once upon a time it was a garage,” Mr Speakman said. “It was actually one of the last inner city workshops. The previous owners brought the entire floor and then carved it into strata shops and have sold them over time.”

Pocket Bar is run by The Little Pocket Group, who have a total of six venues, and specialise in the small bar concept.

“When the idea of small bars was first put forward the opportunity to transform 13 Burton Street into a venue was quickly snapped up. It has a stunning interior with exposed timber beams and sits below a four storey warehouse refurbished as a residential building.

“Darlinghurst is one of Sydney’s hottest inner city suburbs with rejuvenation of the area in full swing. Recently Woolworths move into the refurbished City Ford Building at 75 Crown Street and the Skin and Cancer Foundation relocated into 121 Crown Street.

“Limited supply and strong stable income sees 13 Burton Street, Darlinghurst as an ideal property for a superannuation fund, as well as a general investment. Instability in the global equity market see bricks and mortar offerings like this gaining appeal,” Mr Speakman said.

The gross rental for the 147sqm holding is $159,352 annually, exclusive of GST. A five year lease commenced in March, 2014 with options until 2024.

The property at 13 Burton Street, Darlinghurst will be auctioned on Tuesday, 6 September, 2016 from 10:30am at auctionWORKS: Mezzanine Level, 50 Margaret Street, Sydney.