Sydney’s struggling hospitality sector has been hit by the shock closure of a popular restaurant due to a “selfish” landlord – a trend that critics say is strangling the city’s vibrant culture.
After a busy weekend of service, Contessa Balmain closed for good today with a devastating note hung in the window by owner Marco Adoncello to explain why.
“The key reason why is to do with how retail properties are valued, which comes down to what the asking rent on the property. “It is hard to comprehend the owner’s decision to abandon its loyal and long-term tenant,” Zilver Group said in a statement. In May, beloved Darlinghurst institution Cafe Pacifico shut its doors after a 15-year run when owner Phil Bayly faced problems with the landlord.
And hatted restaurant One Penny Red in Summer Hill will end its decade-long run on New Year’s Eve after the landlord indicated they were preparing to sell the building.Patrick Coghlan, chief executive of CreditorWatch, said business conditions remain challenging and hospitality businesses are at particularly high risk of facing financial trouble.
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