Source : THE AGE NEWS
Capital Gain
Redevelopment of a square block in Kings Cross that housed some of the suburb’s most famed late-night establishments – The Bourbon and Beefsteak, and Les Girls – is a step closer to completion.
Sydney Lord Mayor Clover Moore has put her stamp of approval on the $200 million Queensgate project after attending a “topping out” ceremony. Developer Sam Arnaout’s Iris Capital says the project will play a key role in resurrecting the Cross’ glittering mile, an area that’s been in the doldrums since former premier Barry O’Farrell introduced his lockout laws in 2014.
Builder Decode will start removing the scaffolding next month to reveal the historic facades – freshly restored – of the seven-storey art deco Commodore and 1890s Lowestoft buildings.
Also saved from the wrecking ball was The Bourbon’s Victorian facade and main bar. Its 24-hour licence will also be restored when it reopens by the end of the year as a 600-patron venue that will include an outdoor dining area and sports bar.
In its heyday, The Bourbon, was the happening bar on the main strip.
The redevelopment, which comprises five interconnected buildings, will also see the opening of a new Empire Hotel, featuring a coloured glass mosaic artwork on its facade referencing the legendary cabaret and drag show venue Les Girls, which once occupied the site.
Whether this transformation can recapture the Cross’ golden era without disturbing its new, well-heeled residents remains to be seen.
Coles sells
Turramurra Arcade, in Sydney’s north, has been snapped up by a private developer for $6 million from the Coles supermarket group.
Sitting just 110 metres from Turramurra train station, the property at 1259 Pacific Highway, on a 677 square metre town centre site, has 383 sq m of net lettable area across five retail tenancies, with basement parking.
Developers are eying the potential of neighbourhood shopping centres because they have immediate rental income and long-term development potential. As well, they are popular with locals who don’t wish to travel to larger malls for daily shopping.
More than 32,600 people are estimated to pass the arcade’s Pacific Highway address every day. The sale was negotiated by Jeff Moxham and Joshua Baruch of Knight Frank on behalf of the vendor, Coles Group.
Centennial expands
Centennial and Pirrama Capital Partners have paid $32.15 million to a private vendor for a cleared freehold site at St Marys in Sydney’s west.
They want to transform the 6.9 hectare landholding into an eight-lot subdivision and two warehouses, with a completed end value of more than $102 million.
The joint venture partners intend a quick sell-down of the industrial lots which are immediately adjacent to the St Marys Intermodal Terminal over 30 months, targeting a 25 per cent internal rate of return.
Centennial funded the acquisition through a single, closed end syndicate, the Centennial Interlink Logistics Estate Trust, which closed at its $27 million target.
The deal will capitalise on latent demand from tenants seeking new warehousing space ranging from 3500 sq m to 12,000 sq m.
Centennial is a property investment management group focusing on the industrial and logistics, office, retail and boutique residential sectors, with a portfolio of 63 assets and over $2.7 billion under management.
Pirrama Capital Partners was founded by industrial development and equity funds specialists Jonathan Herb and David Ruston, who have collectively transacted and developed $3.5 billion of industrial projects, across the country.
Selling agents were CBRE’s John Micallef, Jason Edge and Cameron Grier.
Japanese venues
A wave of new Japanese eateries are set to open across the Sydney CBD, reflecting the cuisine’s rising popularity and re-energising the city’s food scene.
The portfolio includes Gyukatsu Kyoto Katsugyu, Kokoro Tokyo Mazesoba, Unagi, Mensho Tokyo Ramen, Hamba-go and O’Donuts!, alongside viral US import PST Pizza.
Gyukatsu Kyoto Katsugyu will go into Parkline Place at 252 Pitt Street: Kokoro Tokyo Mazesoba is established in Grosvenor Place at 225 George Street and Unagi will be at 36 Carrington Street.
Research from Colliers shows diners are prioritising casual, affordable meals in high-quality venues without the formality of traditional fine dining.
The deals are being led by Colliers retail leasing agents Jo Windybank and Michael Tuck.
carolynannecummins@gmail.com
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