Home of Pocket Bar Sydney to fetch more than $2.25 million

IT spans just 147sq m, barely bigger than a two-bedroom unit, but the site of Sydney’s popular Pocket Bar is set to sell for well over $2 million.

THE home of the tiny yet popular watering hole Pocket Bar in Darlinghurst has hit the market with not-so-small price expectations of more than $2.25 million.

Spanning 147sq m, barely bigger than a two-bedroom apartment, it offers a gross annual rental return of $159,352.

Listed with Gunning Real Estate’s Tom Speakman and Harry Sullivan, the hole-in-the-wall property is a former garage and was one of the last inner-city workshops still intact before it went through an extensive renovation.

“The ground floor was one large space that was panel beater or motor repair workshop. The person who purchased it originally broke it into smaller strata lots and onsold them,” Mr Speakman said.

Inside Pocket Bar at 13 Burton St, Darlinghurst.

Now buyers looking to invest will have the chance to snap up the eclectic property on September 6, when 13 Burton St goes under the hammer. The property is expected to fetch $2.25 million to $2.4 million.

Pocket Bar currently has a five-year lease on the site which began in March 2014 and has the option to be extended until 2024.

Mr Speakman said there’s no need for regulars to be worried about their favourite bar being closed down.

“It’s a watertight lease. They have another two-and-a-half-years to run the initial lease term and then a 5 year option,” he said.

The property is an ideal investment.

Internally the bar features exposed timber beams, artistic feature walls and hanging light fixtures. It is located below a four-storey warehouse conversion.

“It has good warehouse features, it’s a character space,” Mr Speakman said. “It’s half at street level and half below street level, due to the grading of the street. It has quite quirky fit-outs and a lot of graphics on the walls; it’s eclectic and suitable for the Darlinghurst location.”

$14M FOR STUNNING SEASIDE GEM

CHINESE TYCOON BUYS $20M ESTATE

The current owner has held the property for just two years and is also the vendor of Gazebo Wine Bar’s Potts Point location.

Pocket Bar is on the ground floor of a warehouse conversion.

The property was once a part of a motor repairs workshop.

Mr Speakman expects to see keen interest from eastern suburbs investors or anyone looking for a straightforward, clean-cut investment. He said the property is also ideal for anyone wanting to purchase with their self-managed superannuation fund.

The Little Pocket Group is also behind other Sydney small-bar favourites Stitch Bar, Button Bar, and Crooked Tailor and also run Pocket Bar Terrigal and Lockwood in Paris, France.