Iconic Kings Cross venue the Piccadilly Hotel to be redeveloped as shops

SHOTS are out and shops are in as another Kings Cross bar bites the dust in the wake of NSW’s controversial lockout laws.

ANOTHER landmark nightspot in Sydney’s party district of Kings Cross has been sold as the area undergoes a radical transformation in the wake of the NSW Government’s controversial lockout laws.

The Piccadilly Hotel in Victoria St Potts Point, in the heart of the Cross, has sold for more than $10 million with shops and offices likely to take up the space once used for bars.

The sale came just days before thousands are expected to protest in central Sydney about the effect the lockout laws, which bar entry into Kings Cross and CBD venues after 1.30am, are having on the city’s night-time economy.

The heritage-listed Piccadilly, which once housed the popular Soho Bar and Yu nightclub, has sold for $10.22 million. Developers Phil and Harrison George, are expected to transform the site into retail space for shops and restaurants along with office space, reports the Wentworth Courier.

LJ Hooker Commercial Sydney Managing Director and CEO, Warren Duncan, said the sale came as many nightclub traders considered their future in Sydney’s traditional party district following the introduction of lockout laws.

Queues outside the Soho Bar, in its heyday. Picture: Gordon McComiskie

“The operators of Soho Bar certainly cited the new provisions as a decision to pursue other ventures,” Mr Duncan said.

The sale comes after the multi-level nightspot, once a mainstay of Sydney night-life for two decades, closed in mid 2015.

“We’re continuing to see the renewal of the inner city with clubs making way for cafes, shops, and apartments. Potts Point is definitely on the radar of developers who recognise the changing demographics and use of the area.”

Mr Barnier said there was still a number of nightclub owners considering their futures. He said investors within the nightspots were also noting trading concerns from their tenants.

“Many subsequently want to tap into the developer demand, either on their own or through amalgamations with similar operators,” he said.

Mr Barnier said the site, which only allowed for a low-rise property did not lend itself to an apartment development but it was an ideal place for boutique offices.

The sale is the latest offloading of iconic Cross nightclubs with Hugo’s Bar and Lounge in Bayswater Rd, in December selling for $4.33 million.

The Piccadilly Hotel is in the same street where 18-year-old Thomas Kelly died after being punched and knocked to the ground in 2014.

Around 10,000 people are expected to attend a rally on Sunday, to be held in Belmore Park opposite Sydney’s Central train station, protesting against the lockouts which were introduced two years ago.

The public display of anger comes in the same week the Queensland Government narrowly passed its lockout laws which will see last drinks called in the sunshine state at 3am in nightclub precincts and 2am elsewhere from July.

While lockout proponents, including NSW Premier Mike Baird and much of the healthcare community, have pointed to a decline in violent attacks, those against the regulation say the price has been the destruction of once vibrant entertainment districts as people choose to frequent areas where the laws don’t apply.

TV producer and DJ Tyson Koh from the Keep Sydney Open campaign, which is backed by a number of music festivals and music venues, told news.com.au there had to be a middle way.

“We’re going to have thousands marching against the lockouts and we’re demanding our Government works harder to implement solutions that result in a win-win outcome.

“There’s no reason we can’t have a vibrant night-life and safety on our streets.”

The NSW Government has announced a review into the alcohol regulations.

The popular Hugo’s Bar and Restaurant, also sold last year. Picture Craig Greenhill