The Piccadilly Hotel, located in the heart of Sydney’s Kings Cross, has gone under the hammer for over $10m, and is now tipped to be redeveloped into shops and restaurants.
The venue – which was once home to popular nightclubs Soho Bar and YU – has been sold to developers Phil and Harrison George with a view to transform the heritage-listed site into a row of shops and/ or restaurants.
Speaking with the Wentworth Courier, LJ Hooker Commercial Sydney managing director and CEO, Warren Duncan, says that a number of nightclub traders have been rethinking their presence in the area since the introduction of Sydney’s lockout laws.
“The operators of Soho Bar certainly cited the new provisions as a decision to pursue other ventures,” said Duncan.
“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.”
The sale of the Piccadilly Hotel comes just days after thousands of Sydneysiders took to the streets to protest against the city’s lockout laws. The Keep Sydney Open rally saw around 8,000 people march from Central Station to Hyde Park to encourage the state government to reconsider the controversial laws which ban the sale of shots after 10pm, entry into a new venue after 1.30am and the sale of any alcohol after 3am.
The laws were introduced by the O’Farrell government in 2014 as a means of curbing alcohol-fuelled violence. While foot traffic and therefore violent incidences have reduced since the laws’ introduction, a number of bars, clubs and restaurants have suffered a significant drop in profits, including Hugo’s Lounge, La Cita and The Flinders who have since been forced to close their doors.