Developer Anson Group picks up Golden Century building for $50m

The Chinatown building that once housed Sydney’s much loved Golden Century restaurant has sold to a private developer for about $50m.

The famous Golden Century restaurant on Sussex St in Haymarket, which closed its doors last year. Picture: Toby Zerna

The Chinatown building that once housed Sydney’s much loved Golden Century restaurant has sold to a private developer for about $50m.

The Sussex Street building was known worldwide for the Golden Century, which hosted biggest names in food including Anthony Bourdain, Heston Blumenthal, Alain Ducasse, Ferran Adria and Jamie Oliver.

It was a well-known haunt for NSW Labor figures with the party headquarters a short walk away down Sussex St, but was also visited by former prime ministers John Howard and Scott Morrison.

Former Golden Century owner Billy Wong was unable to come to terms on a new lease on the site, and the venue closed down last year, although his culinary legacy continues nearby at XOPP in Darling Square and The Century at Pyrmont.

During its colourful 31 years in business, the Golden Century was well-known for its seafood and late night fare that drew in big crowds before the pandemic struck and the restaurant business fell into administration.

While the holding company was resurrected and the two other restaurants are thriving, property players said there was little sign that the building sale would prompt a reopening of the famed venue.

An artist impression of JLL and Savills vision for the Golden Century building at 393-399 Sussex Street, Haymarket, in Sydney's Chinatown. Picture: Savills

Instead the offshore-backed Anson Group is tipped to lease out parts of the building while it works up a longer-term redevelopment scheme for the property. Anson has a track record in developing residential, commercial and retail properties for sale and investment.

Chinatown has seen a rush of development proposals aimed at bringing more residents into the already densely packed area and authorities have been supportive after it was hard hit during the pandemic.

Real estate agents Savills and JLL sold the now vacant site in the recovering Haymarket precinct, in one of the largest vacant possession deals in Sydney CBD in the last 12 months.

The property at 393-399 Sussex Street was sold by Janglove Pty Ltd and Faithful Investment Pty Ltd, and it occupies a 25m street frontage along the main pedestrian thoroughfare to the city’s famed Chinatown.

Savills’ Jordan Lee and Andy Hu, together with JLL’s James Aroney and Linda Ko, sold the property and Chris Drayton of Makinson d‘Apice Lawyers assisted in facilitating the transaction.

Mr Lee said the property generated strong interest, as one of the most significant transactions in Haymarket so far this year.

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

JLL’s Mr Aroney said Haymarket was benefiting from the nearby tech central precinct. “This regeneration underpins Chinatown’s appeal as one of the most vibrant districts in Australia,” he said.

The 708sq m site is significantly underdeveloped and options including retail, office, or even a hotel could be on the cards.

The four-storey retail building is surrounded by local landmarks including Paddy’s market, the University of Technology Sydney, and the Darling Quarter precinct.