Darlinghurst's Tropicana Caffe - the birthplace of the world's largest independent film festival, Tropfest - has sold before auction for $6 million.
The Victoria Road cafe site was bought, unconditionally, two weeks before its scheduled auction by an Australian expatriate. The investor flew to Sydney to inspect the property and signed a contract before his return flight. The property, marketed by LJ Hooker Commercial Sydney's Steven Kruyer and James Griffiths, sold on a tight 4.2 per cent yield.
Mr Kruyer said the purchaser was drawn to the security the investment offered, especially the recent purchase of the business by Tonci Farac, the former owner of Wildfire Restaurant in Circular Quay, and Duncan Thompson, a long-term member of Bill Granger's restaurant team, will be managing the restaurant.
Mr Kruyer said Tonci Farac has taken a 10-year lease with two, 10-year options on the Tropicana Caffe, "so the purchaser recognised the safety of the investment".
The NSW Government has sold its former Motor Registry site in the inner west suburb of Five Dock to a private investor for $10.5 million.
Located at 1 Ramsay Road, the 1,970.70-square-metre site comprises a large corner parcel of land. Parts of the site remain undeveloped but the agents said the 372 square metres of Net Lettable Area from the existing two-storey brick building may be capable of accommodating substantial additional floor space (STCA).
Neil Cooke, Stuart Cox and Johnathon Broome, of Savills Australia, handled the divestment of the government asset as the former Motor Registry was deemed surplus with the roll-out of the new Service NSW centres.