John Ibrahim’s property development firm Cantabri wins approval for luxury Potts Point flats

After seeing the most lively times in Kings Cross, famed former nightclub owner John Ibrahim is now behind one of the luxury residential projects sweeping the area.

An artist’s impression of the Bayswater Road, Potts Point project planned by John Ibrahim’s company Cantabri.

Former Sydney nightclub mogul John Ibrahim’s company has joined the ranks of property developers who have swarmed into a rapidly gentrifying area.

After a long period as Sydney’s party zone, when it was famed for its night-life, the Potts Point district is now becoming well known for its upmarket apartments.

Mr Ibrahim’s company has just won approval for a block of luxurious apartments that will sport restaurants downstairs and have an end value of about $130m once complete.

John Ibrahim. Picture: NewsWire / Christian Gilles

They will sit on the famed Bayswater Road, previously at the heart of the once-vibrant Kings Cross night-life scene, which still features a mix of mid-Victorian terraces, many in the sights of property players.

The newly minted developer is bullish about the area’s prospects as the apartment boom that has swept Sydney’s eastern suburbs – with record prices in Double Bay, Bondi and Tamarama – spreads to an area he sees as the true heart of Sydney.

While he held out during the pandemic-induced slowdown, he has now joined the landlords proposing a series of developments that will transform the once rowdy area into a more gentrified precinct.

“I’m thrilled to be a part of the gentle beautification of Kings Cross. As you might know, I have a historical connection to the area, and always will. I’m glad to contribute, even in a small way, to the evolving story of Kings Cross and Potts Point in general. The architect has managed to capture a beautiful mix, adding to the existing charm of Bayswater Road,” Mr Ibrahim told The Weekend Australian.

The 56-year-old developer has a long history with the property he is transforming, part of which once housed the famed Bayswater Brasserie, which later became Mykonos-style eatery and lounge bar Eros.

An artist's impressions of a planned project at 28-36 Bayswater Road, Potts Point.

The businessman bought part of the site 17 years ago, and his longtime fiance Sarah Budge owned the adjoining Crane Bar property, before it closed in the pandemic. He then bought two more properties to round out the holding in what was a tough period for retailers in the area, and acted as a catalyst for developers to move in. Other projects are already under way, with apartments selling for record prices at the nearby Iris Capital redevelopment of the Bourbon & Beefsteak site in Potts Point.

Mr Ibrahim’s property plans were reconfigured to satisfy both the council and the residents that he expects will occupy the luxury apartments, in a complex that will cost about $35m to build.

The City of Sydney Local Planning Panel has approved plans by his company Cantabri, which will see existing terraces retained while parts of 28-36 Bayswater Road are demolished.

He will be looking to attract the luxury buyers that have become a feature of Sydney’s eastern suburbs in the recent development boom. The project will be three to six storeys in height and there will be 22 apartments above retail tenancies that are to include a basement bar.