The food is Argentinian, the chefs are Australian and the landlords are Chinese after the site of Surry Hills restaurant Porteño sold last week for $6.66 million.
The vendor was also a Chinese investor and Andy Hu, associate director at agent Knight Frank said Cleveland Street property was an excellent investment with a yield of 5.36%.
“Surry Hills is a growth area at the fringe of the Sydney CBD and a good investment location. The high-profile tenancy’s lease to Porteno Restaurant until 2020, plus a further five-year option, was a huge drawcard for investment,” he said.
The site was Dimitri’s Greek restaurant before Porteño, owned by chefs Ben Milgate and Elvis Abrahanowicz, opened in 2010. The restaurant is sale comes 16 months after the two-storey bar and Argentinian grill restaurant was extensively damaged in a fire and closed for several weeks for repairs.
The upstairs bar, Gardels, has been named Sydney’s best bar and the ‘two hat’ restaurant is regularly named one of Australia’s top 50 restaurants.
Porteño is Spanish slang for a native of Buenos Aires native and pays tribute to Abrahanowicz’s family heritage. The meat is cooked on adjustable charcoal grills and open fire pit is used to slow-cook whole lambs.
Andy Hu from Knight Frank said it was rare for a property like this to come up for sale.
“Surry Hills is historically a tightly-held market so this was a great find for the buyer,” he said .
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