Is Kings Cross nightlife done for?
By Andy Young
The future of major Sydney night-life area, Kings Cross, looks even more gloomy as reports emerge of a $500m property deal in the area.
The reports claim that a consortium of Kings Cross property owners have agreed a deal which will see most of the blocks on the
Golden Mile sold for residential development. The deal would see the remaining night-life spots closed down to make way for the development.
The consortium is hoping that the area will be rezoned to allow two high-rise blocks, modelled on the Petronas Towers in Kuala Lumpur. It is claimed the towers would be home to around 500 apartments with a starting price of around $1m each.
Club owner Charlie Saleh, told News Limited that he has spent the last two years securing agreement from other land owners in the Cross to sell to a developer.
“In total there’s almost 65 owners and they are happy to sign an option agreement with a developer. I represent all of them,” Saleh said.
Saleh added that he started work on the deal in 2014, just after the lockout laws were introduced in Sydney. “It took a long time and a lot of money but we finally got the last landowner on board that we needed,” he he told News Limited.
Read more here.
This story first appeared in The Shout.
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