A heritage building with a famous restaurant is being marketed by Jordan Lee and Andy Hu of Savills Australia with expectations of $25 million. The restaurant is the BBQ King, operating since 1983 and at this location since 2016. It is a favourite with foodies, chefs and hospitality workers.
78 Liverpool Street is a six-storey brick and sandstone Federation building of 1,500 sqm, built circa 1906. The four sandstone arched entries were replaced with concrete steel columns in 1963. It has undergone several refurbishments over the years, including the extension of existing basement restaurant into the ground floor and addition of a mezzanine level was completed in early 2016 for BBQ King. Other occupants include KM Solicitors, Thai Welfare Association and Young IELTS.
The property is well located in the Spanish Quarter and near Darling Harbour and Chinatown. It last traded in 2010 when it was purchased by Alex Chau’s Acepal Investments Pty Ltd for $6.3 million on an initial yield of 7.14%.