Another Kings Cross landmark nightspot sells

The face of the city’s party district continues to undergo change.

Another landmark nightspot in the Cross has been sold as the city’s party and red light district undergoes a radical transformation.

The Piccadilly Hotel in Victoria St, Potts Point, which has housed the popular Soho Bar and Yu Nightclub, has sold for $10.22 million.

Developers who have bought the heritage listed pub, Phil and Harrison George, are expected to transform the site into retail space for shops and restaurants along with office space.

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.

Mr Duncan was the listing agent along with LJ Hooker Commercial South Sydney Associate director Tom Barnier.

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

“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 closed mid 2015, after being a mainstay of Sydney night-life for two decades

“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 Heritage-listed 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.

“It is close to the station, within walking distance to the city and is a really exciting area,” Mr Barnier said.

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

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