Mr Michael said Seagrass Hospitality would pay about a $200,000 a year in rent for the 500-square-metre free-standing pad site that was previously a Spur steakhouse (it closed during the pandemic and never reopened) on a road where more than 40,000 cars drive past every day.
Bradley Michael: Rents have come back in the Sydney CBD 
‘It’s a cracker of site. Right next to KFC, McDonald’s and Krispy Kreme.” said Mr Michael, who late last year kick-started the hospitality sector’s recovery with new restaurants opening in Sydney and Adelaide.
With rents now falling in the city Mr Michael reckons asking rents are down 45-50 per cent in some parts of the CBD Seagrass is looking closely at a site on George Street as a potential second Five Guys venue.
“[Sydney city] landlords are starting to be more reasonable, especially the ones that need the cash flow. Those rents are starting to come back,” Mr Michael said.
“The ones with cash are just sitting on their hands and holding their rentals.”
Five Guys is famous for its freshly made fast food. 
Mr Michael, who openly admits JobKeeper helped keep his business afloat during the pandemic, is also keen to expand Five Guys into Melbourne, the Gold Coast and New Zealand, as part of its master franchise agreement to open 10 restaurants in the region.
The burger chain, founded by Janie and Jerry Murrell and their four sons, Jim, Matt, Chad and Ben the “five guys” its named after in Arlington, Virginia in 1986, is famous for its freshly made burgers and milkshakes topped with crumbled applewood-smoked bacon. The chain has grown to more than 1500 restaurants around the world.
“I don’t think we need another burger chain in Australia, but I think this one will fit in well,” said Mr Michael.
“Nothing is frozen. They make their burger patties fresh and cut their chips fresh everyday. They also bake their hamburger buns every day.
“No fast food chain at that size is delivering that calibre of fresh product,” Mr Michael said. “You can taste the difference straight away that’s what I like about them.”