Seven years ago inner-city Sydney was bereft of small bars.
That all changed when a former mechanic’s workshop, one of the last to operate in the city, set the scene for change in 2009.
Now, the site of Pocket Bar, which lays claim to being Sydney’s first small bar, has been listed for sale with Gunning Real Estate.
Pocket Bar lays claim to being Sydney’s first ‘small bar’. Photo: Surroundpix
According to Tom Speakman, director of metropolitan sales and investments for listing agency Gunning, the 13 Burton Street, Darlinghurst, site was the first small bar to open in the Sydney CBD.
“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,” Mr Speakerman said.
The owners of the 147-square-metre bar – The Little Pocket Group – are currently two years into a five-year lease, with options until 2024.
The Little Pocket Group owns six small bars in total, five scattered throughout the Sydney area and one in Paris, France, each distinctively in the small bar guise.
The property, outlined, sits below converted warehouse apartments. Photo: Surroundpix
Mr Speakerman predicted that the property’s annual income of $159,352 annually, exclusive of GST, as well as the ongoing revitalisation of the suburb, would see strong interest in the offering.
“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,” he said.
“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.”
- 13 Burton Street, Darlinghurst, will be auctioned on Tuesday, September 6, 2016 from 10.30am at auctionWORKS: Mezzanine Level, 50 Margaret Street, Sydney.
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