Golden Century site in Sydney’s Chinatown hits market with price expectations of $60m

It’s an end of an era as the Chinatown site of the Sydney dining institution is put up for sale following the restaurant going into liquidation.

Golden Century in 2013, when it was a popular late-night restaurant. Picture: Bill Hearne

It was end of an era late last year when Sydney dining institution Golden Century called in administrators, buckling under the strains of an empty pandemic-hit city.

Now the site of the Chinatown stalwart will be put up to sale, the largest offering in the Haymarket area this year – and one which is expected to fetch $60m.

The four-storey 393-399 Sussex Street property has been listed by Savills and JLL.

Jordan Lee, the joint state head of Savill’s local Asia Markets business, said the property’s well-known location would add significant value.

“Premium retail offerings along this section of Sussex Street are rarely offered to the market and its location is second to none. The property greatly benefits from the bustling activities in the nearby retail precinct,” Mr Lee said.

Sydney’s Chinatown has seen significant change in recent years. Restaurants have moved to the new Darling Quarter precinct, or to Central Park and World Square.

Last February, one restaurateur – Emperor’s Garden proprietor Jonathan Yee – pointed to paint-chipped entry gates and taped-over street furniture, complaining that the area had been neglected by the City of Sydney and other local authorities.

The famous Golden Century restaurant on Sussex St in Haymarket Picture: Toby Zerna

Now, with the end of Covid-19 health measures, the crowds are back.

But Golden Century is not. In November, the restaurant’s owner, Billy Wong, confirmed it would not return, although the group’s other eatery – Darling Quarter’s XOPP – would remain. Golden Century was unable to negotiate a lease renewal, he said.

The 708sq m site now on the market is expected to be redeveloped, with the buyer given the opportunity to create a large retail, office and hotel precinct in the heart of Chinatown.

“Haymarket is located 750m of Central Railway and the Tech-Central Precinct and primed to benefit from an unprecedented $5.5bn of private and public investment into the area,” said JLL’s senior director James Aroney.

“This regeneration will underpin its appeal as one of the most vibrant districts in Australia and ensure enduring demand for these extremely scarce high exposure retail offerings in Chinatown.”

Originally published as Golden Century site in Sydney’s Chinatown hits market with price expectations of $60m