Sydney’s iconic Golden Century restaurant is priced at $60 million

Sydney’s iconic Golden Century restaurant, which has hosted some of the world’s best-known chefs and some of Australia’s biggest names, has hit the market with an expected price of around $60 million.

The much-loved Chinese restaurant was forced to close its doors last year after being hit by a lack of business due to Covid health restrictions that hurt many other CBD businesses.

After much back and forth between liquidators and creditors, including the auction of the restaurant’s ‘extensive wine collection’, the site is now up for sale.

The four-story property 393-399 Sussex Street in the Chinatown/Haymarket area of ​​Sydney has been brought to the market by Savills and JLL, The Australian reports.

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Prime Minister Scott Morrison poses for photos with supporters while visiting the Golden Century Seafood restaurant during the 2019 election campaign. (Photo by Tracey Nearmy/Getty Images)

The property is expected to be highly sought after.

Investment in Haymarket has recently hit a five-year high, to defy Covid doomsday predictions of a CBD property market crash.

According to research from Colliers, the popular Sydney district, long known as the home of Chinatown and Paddy’s Markets, achieved a record level of investment in 2021 despite the pandemic.

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One of the main drivers of the increased activity is the demand from Asia-based capital seeking strong investment opportunities.

Savills co-head of Asia local markets Jordan Lee said Golden Century’s reputation could help its sale.

Fresh lobster at the Golden Century restaurant, Chinatown, Sydney. Image: Destination NSW

“The premium retail offerings along this section of Sussex Street are rarely offered to the market and its location is second to none,” he said.

“The property benefits greatly from the bustling activities in the nearby shopping precinct.”

The much talked about Tech Central precinct, also known as Central Place Sydney, Australia’s answer to Silicon Valley, is another factor that has increased interest in the area.

The 708-square-meter former Golden Century site is expected to be redeveloped with retail, office and lodging possibilities.

Anthony Bourdain has dinner at Golden Century with the Buenos Aires owners Elvis and Matt.  Image: Supplied

Anthony Bourdain has dinner at Golden Century with the Buenos Aires owners Elvis and Matt. Image: Supplied

World-famous chef Ferran Adria, owner of elBulli restaurant on Spain's Costa Brava, dining on a giant king crab at the Golden Century Chinese seafood restaurant in Sydney.

World-famous chef Ferran Adria, owner of elBulli restaurant on Spain’s Costa Brava, dining on a giant king crab at the Golden Century Chinese seafood restaurant in Sydney.

Former Golden Century owner Billy Wong was unable to reach a new lease on the site, however his culinary legacy lives on nearby at XOPP.

During its celebrated 31 years in business, Golden Century has welcomed some of the world’s biggest names in food, including Anthony Bourdain, Heston Blumenthal, Alain Ducasse, Ferran Adria and Jamie Oliver.

billy wong

Former Golden Century owner Billy Wong at his new XOPP restaurant. Image: Brett Costello

The famous nightspot has also played host to a number of sports and entertainment stars and political types, including Wendell Sailor, Gorden Tallis, Russell Crowe and Prime Minister Scott Morrison.

Prime Minister Scott Morrison leaves a Chinese community event at the Golden Century Seafood Restaurant in Chinatown Sydney, Wednesday, May 15, 2019. (AAP Image/Mick Tsikas) NOT FILED

It was also the site of the now infamous dinner party between former NRL star Corey Norman and current Parramatta mainstay Junior Paulo, which was attended by former Nomads bikie Paul Younan, as well as Rafat Alameddine, Talal Alameddine’s brother, accused of terrorism. Rafat, 25, was out on bail after being charged with fraud offences.

A photo uploaded to Junior Paulo's Instagram account of the night.  Image: Supplied

A photo uploaded to Junior Paulo’s Instagram account of the night. Image: Supplied

Video has surfaced of Beau Ryan dining at Golden Century with Jihad and Rachad Alameddine, two of the Alameddines who also dined at the same restaurant with Corey Norman, Junior Paulo and James Segeyaro. The dinner occurred just hours before casino security found Norman in possession of several capsules.

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