Pour one out, Sydney.
A massive property development deal seems set to finally carve out the heart of the Kings Cross nightlife scene, with 65 landowners hoping to see a massive parcel of land undergo total redevelopment.
The Daily Telegraph reports landowners have signed an agreement to jointly commit the area between Darlinghurst Road, Roslyn Street, Kellett Street and Bayswater Road for sale in the next three years, with the intention of totally razing the famous precinct.
If the move comes to fruition, the region which once included establishments like
Beach Haus, Soho, and
Trademark Hotel will undergo a complete and permanent overhaul.
via Google Earth.
It’s believed a Hong Kong-based firm has already expressed interest in the parcel of land in the hopes of building two luxury apartment towers.
There is speculation the land alone is worth nearly $200 million, but the proposed construction of nearly 500 apartments at a starting price of $1 million could see the redevelopment surge north of $500 million in value.
Landowners are believed to have starting signing onto the deal shortly after the introduction of the city’s lockout laws in 2014.
Charlie Saleh, who heads the group, said it’s “a huge parcel of land that we think has great potential… I think it’s the last great pocket of city land that hasn’t been redeveloped and if it’s done the right way I think it could transform Sydney.”
News of the move has already provoked serious outrage from those who don’t want to see one of the city’s cultural hubs irreparably gutted.
Keep Sydney Open have posted a brief response on its
Facebook page, saying
“shoutout to our government and property developers who have ruined our city. Fuck all ya’ll.”
We’ll keep you updated on this issue as it develops.
Source: The Daily Telegraph.
Photo: Ian Waldie / Getty.
