Historic newsagency in the Rock set to close

A historic retail storefront in the Rocks shut its doors for the final time last Tuesday.

Sydney Cove Newsagency, which is a hop, skip and a jump away from some of the city’s most expensive real estate, closed down on May 27 due to rent-related issues.

City News was informed of the closure by the previous proprietor, who began leasing the space more than 20 years ago. The man, who wished to remain anonymous, alleged that the Sydney Harbour Foreshore Authority (SHFA), as the body responsible for land management in the Rocks, had increased rent for the property by “about 60-80 per cent”.

The SHFA dismissed this allegation, saying that as per the stipulations of the five-year lease signed by the tenant in 2009, the rent would increase by three per cent upon renewal.

The tenant told City News he believed the closure of his business was reflective of the government’s neglect in nurturing ongoing entrepreneurship in the Rocks. He pointed to initiatives such as the Rocks Pop-Up Project, which encouraged artists to make temporary use of vacant buildings, but did not plan, in his opinion, for long-term solutions to vacant space.

“It’s the Liberals in power. Aren’t they supposed to support small business owners like me?” he said.

However, the SHFA pointed out that commercial vacancy rates in the Rocks have been in decline, dropping to 6.27 per cent, and outperforming the rest of the CBD which sat at more than nine per cent.

Although the Authority said it had been lenient in extending the lease beyond its expiry “to assist the tenant’s exit of the premises,” the tenant claims the SHFA informed him the nature of his business was not “necessary” and could be taken “out of the Rocks”.

When approached for comment, a SHFA spokesperson affirmed that according to industry research, “newsagencies, as a retail category, are in significant decline”.

The tenant was initially given orders to vacate the premises by May 31, but the matter is now under mediation.