By Simon Thomsen

If history favours the brave, then Neil Perry will be remembered fondly.

As the world contemplates shutting its wallet, one of Australia's leading chefs has thrown caution to the wind to open two new restaurants in one of Sydney's loveliest CBD offices, the 1930s art deco City Mutual Building.

The headline act is a Sydney version of his steakhouse, Rockpool Bar and Grill, from Melbourne's Crown Casino, while the basement is filled with the incense of Spice Temple, a modern take on regional Chinese food. The combined investment sounds like a figure plucked from the global financial crisis. Perry says the bill topped $35 million.

Rockpool Bar & Grill's fit out was $7 million, but for that splurge, you sit in Australia's most spectacular dining room, with enough marble to rival the finest hotels in Paris. Beyond the heavy brass doors is a soaring three-storey-high stage of bevelled glass, clever lighting, timber, leather and green marble, with a smoky open kitchen of wood grills perfuming the room. Its dramatic beauty takes your breath away and the impact earmarks it as a destination restaurant, albeit serving food that's surprisingly straightforward and often homely.

Then there's 3.5 tonnes of beef, worth more than $100,000, being dry-aged on site. The result is a choice of 11 steaks, from four different producers, grass or grain fed. They start at $39, peaking at $110 for a 200g wagyu rib eye by Australia's top producer, David Blackmore. Perry suggests groups share a few different steaks to reveal the remarkable differences between them. His love for steak results from growing up in a family of butchers.

"It's a reflection of my life. My father was a butcher, so when I became a chef, my ambition was always to one day open a steakhouse," Perry explains.

Subversively, the seafood is equally impressive, with dishes such as leather jacket fish in an Italian ‘crazy water' ($29), among the stars.

Finally, the wine list, a reflection of his American business partner, David Doyle's passion for the world's greatest wines of the world, weighs in at a cool $9 million. While you can spend $89,510 on a 1945 Romanee-Conti, the most expensive wine on the encyclopedic 3800- bottle list, it thankfully starts at $40.

Lest anyone think Rockpool Bar and Grill is only for CEOs still pocketing a performance bonus, the bar is a value-for-money setting for a taste of the good life. At $18, the luxe wagyu hamburger, with Gruyere cheese, in a brioche bun ranks among the finest of its genre. The all-day menu includes fish ceviche ($10) and sardines with chilli on bruschetta ($12), making it affordable to drop by for a casual bite (it's no bookings in the bar) with a glass of great wine.

"You could have expensive meal here, but you don't have to," Perry says. "You can come and eat a $14 salad, and beautiful seafood for $20, with a bottle of $40 Riesling. But then, you can go completely crazy if you want to."

The energetic crowds filling Rockpool Bar and Grill suggest everyone's finding their own comfort level in this new dining hotspot. Perry says the space plays an important part in the success.

"It's important when people are looking at spending their money that you offer a great mood and feel, as well as good food and service," he says.