A tightly held Sydney property anchored by renowned hospitality venue Ramblin’ Rascal Tavern has hit the market.

The 230 sqm space at Lot 40/60 Park Street occupies the upper basement level of one of Sydney’s most prestigious commercial strata buildings, and has been home to the thriving dive bar and live music venue for the past 13 years.

The Ramblin’ Rascal oozes with character. Picture: realcommercial.com.au

Operators recently renewed their lease for a further decade.

A popular after-work watering hole with a licence to trade until 2am, Hillco Property Group’s Michael Vranic said the sale represents an ideal long-term investment backed by proven tenants.

“Given the ongoing success of Ramblin’ Rascal, this is a solid opportunity for someone to park their money over the long term,” he told realcommercial.com.au.

“It’s a building with a rich history in Sydney’s nightlife. At one stage it was home to the King’s Head Tavern, an iconic watering hole in its day. It also operated as several late-night venues before it was developed into a commercial office building, including a comedy club.”

The Ramblin’ Rascal goes to auction 31 March. Picture: realcommercial.com.au

Prominently positioned on the doorstep of Hyde Park at the corner of Park and Elizabeth streets, the building is surrounded by key transport links including Town Hall, St James and Museum stations, while the new Gadigal Metro is just 100 metres away.

Current tenants benefit from a recent lift upgrade, onsite building manager, and end-of-trip shower facilities. Lot 44 also comes with 15 sqm of storage.

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Mr Vranic said CBD assets with a diverse investment profile in a prime location such as this were “extremely rare”, noting that market interest has been strong, with around 95% of enquiries coming from local investors.

“I thought recent interest rate changes might have cooled the market, but the high level of enquiry has exceeded my expectations and reflects the uniqueness of this type of investment,” he said.

“There’s been a slow but steady return to CBD offices over the past 12 months, and I think with the abolishment of lockout laws and the relaxation of trading hours for hospitality businesses, buyers are now seeing investments like this as far more secure.

“The City Of Sydney is also supporting the recovery of these kinds of businesses in city areas, which is a huge boost.”

Venue owners in Sydney are hopeful the abolishment of lockout laws will lead to a nightlife revival. Picture: realcommercial.com.au

Owner of Carousel nightclub on Oxford Street, Kerry Wallace, agreed, noting the council’s push to collaborate with city venues in post-lockout Sydney.

“They contacted me about hosting a series of street parties throughout 2026, which we plan to stage across different parts of the CBD and fringe areas,” Mr Wallace told realcommercial.com.au.

“If I had asked them to do this five years ago, they would have laughed and told me to go away. So there’s definitely change in the air.”

Lot 44/60 Park Street will go to auction at 10:30am on Tuesday 31 March.

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Sizzler is making a comeback.

Sizzler is returning to Australia, six years after closing its doors in Down Under.

Minor Hotel group will open the all-you-can-eat chain at their new NH Collection Hotel at Sydney airport in coming months.

Minor’s founder and chairman Bill Heinecke confirmed the news, with plans to expand the restaurant across the country.

“We have a number of exciting projects in Australia with the opening of the 90-room NH Collection hotel at 102-106 Robey Street, Mascot, and the Avani in Wollongong, and we are also looking at branded residences,” he told the media.

“Sizzler can be in hotels or as stand-alone sites, depending on the opportunities.”

The restaurant chain was created in Culver City, California in 1958 by Del and Helen Johnson.

Offering a steak meal for just $US0.99, the brand quickly became a favourite among diners seeking quality food at affordable prices.

Sizzler and it’s iconic menu is ready to return.

Sizzler’s plan at the time, according to current company president Chris Perkins, was to home in on the rapid success of McDonalds – and later In-N-Out – which, with its two-way speaker box, revolutionised America’s fast food industry and offered a respite from the drudgery of cooking at home.

“Del Johnson realised that you could have a McDonald’s burger or go to a diner or full service diner. There wasn’t something in the middle at a lower price, where you order at the counter, then have the food brought to your table,” he told media outlet SFGATE.

“Johnson was the godfather of fast-casual restaurants that exist today. Because of the model, the restaurant was able to keep its prices low.”

Former staff member Felicity Paddison with some of Sizzler’s famous cheese toast next to the salad bar. Picture: Chris Higgins

Sizzler expanded to Australia in 1985, opening its first restaurant in Annerley in Brisbane.

By 1992, Sizzler had expanded to 74 locations across Australia, marking the height of its popularity.

Fast food giants like KFC, Pizza Hut, and McDonald’s were also expanding, but Sizzler carved out a niche with its service-value-quality equation.

As Mr Perkins noted in 1992: “The consumer of the ‘90s… wants more for less… that’s why Sizzler has been so successful.”

Kevin Perkins, non-executive Chair of Sizzler USA Acquisition, in 1997.

Unfortunately, in the early 2010s, Sizzler faced challenges as underperforming stores closed. By 2017, the number of locations had dropped to just 17, primarily in Queensland.

The eatery closed all its Australian restaurants in November 2020 after the pandemic disrupted the business.

Today, the locations have transformed into daycare centres, libraries, and warehouses, while others remain vacant.

Back in 2024, Brisbane radio hosts Robin Bailey and Kip Wightman launched a Sizzler pop-up for one night only at the Coffee Club on Charlotte St.

– Additional reporting by Lydia Kellner

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