Kings Cross Sale

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The retail outlet underneath the landmark Coca Cola sign in Sydney's Kings Cross has sold to a private trust for $37.3 million, netting the seller a 57% capital gain in two years.
The Kings Cross Centre, 82-94 Darlinghurst Road, currently has 98.5% tenancy, with Coles leasing until 2022.
LJ Hooker Commercial Sydney chief executive officer Warren Duncan said when the Kings Cross Centre was sold in 2013, it transacted on a passing yield of 8.3%, and this week it sold at 6.9%.
"We’ve seen yields compress dramatically over the last 24 months in Sydney," Mr Duncan said.
"The centre was well positioned for capital growth, and tenants were following the changing demographic of the Potts Point area. 
“Adding to the appeal of the Kings Cross Centre is the fact it’s located in one of the most densely populated areas of Sydney, with an estimated 30,000 people living within a square kilometre.”
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Landmark Kings Cross retail outlet sold

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The former Sapphire Lounge venue in Sydney's Kings Cross, now known as The Carlisle Bar, is up for lease.
This 400sqm split-level <a href="https://www.propertyobserver.com.au/https://metrocommercial.com.au/property/rental/2185" target="_blank">venue</a> has three bars, VIP area, indoor showpiece tree, birdcages and white decor.
It features a 24 hour liquor license (currently trading until 3am), 300 patron capacity, a full commercial kitchen and designed to cater for large corporate functions, product launches and special events.
The property is up for lease through Metro Commercial agents Jerry Leis, Dillon Frain and Nik Simonovic.
It has been an on off operation over the past decade, among the premises caught amid the lockout laws.
According to a News Ltd report last October, several Kings Cross club owners were intent on joining forces to amalgamate and then sell the adjoining properties on the infamous strip to a developer.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/12/2%20Keellett%20Place-2.jpg" alt="">
The Sunday Telegraph noted the consortium hoped the area will be rezoned to make way for two high-rise buildings modelled on Malaysia’s Petronas Towers with the development comprising 500 luxury apartments.
Sapphire Lounge owner Charlie Saleh told The Sunday Telegraph he began collecting signatures from the 65 property owners.
“It took a long time and a lot of money but we finally got the last landowner on board that we needed,” Mr Saleh said.
“This is a huge parcel of land that we think has great potential. You have the train station across the road, the CBD is 20 minutes away and you have views of everything from the Blue Mountains to Bondi and Manly.
“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.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/12/2%20Keellett%20Place-3.jpg" alt="">
He said the area will never again be what it once was, due to the lockout laws, driving the decision of landowners to sell.
The lockout laws, introduced in 2014, state venues in the CBD and nearby Kings Cross close by 3am with last entry at 1.30am.
The nearby former nightclub and music recording studio known as “Studio X”, the 1200 sq m floor span immediately under Kings Cross’ famous “Coca Cola” sign, is for sale.
Colliers International’s Miron Solomons is marketing the property with Gunning Commercial’s Daniel Gunning.
Solomons says the property has been priced to sell at $13 million to $14 million. It is in two strata lots so it can be sold in one line or two separate areas. 
The expressions of interest close Wednesday 26 July. The two empty lots have total outgoings for rates, strata, land tax and water of $116,476.
Solomons says the listing typifies the changing use of Kings Cross/Potts Point from the old bar and nightclub scene to a work and lifestyle environment. 
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Iconic Kings Cross venue up for lease

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Jenny Fagg, the expat returning from to take on one of the most unenviable jobs in Australia, has emerged as the $10.15 million buyer of a Kings Cross penthouse.
Fagg is the new chief risk officer at the embattled bank AMP. 
The penthouse was sold by the media veteran turned cryptocurrency boss Steve Askew who paid $4,045,000 in 2003 when he bought The Elan penthouse from hotelier Richard Wynne.
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The four bedroom penthouse with wrap around terraces sold through OurEstates agents Adam Regan and Kevin Whelan.
Fagg was announced to take over as the chief risk officer in December.
She began in February having previously been executive vice president at the Canadian Imperial Bank of Commerce.
This article was first published in The Saturday Telegraph
 
 
 
 
 
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AMP's Jenny Fagg buys $10.15 million Kings Cross penthouse

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The Kings Cross unit of the late Chinese acupuncturist and herbalist Anthony Hung-Hoi has been sold at $820,000.
Bidding at the Ray White Elizabeth Bay auction opened at $700,000 with 14 registered bidders after 5985 internet property views.
The <a href="https://protect-au.mimecast.com/s/YgKCCk818lhDMRrVtQDW6v?domain=ecomms.raywhite.com" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://protect-au.mimecast.com/s/YgKCCk818lhDMRrVtQDW6v?domain%3Decomms.raywhite.com&amp;source=gmail&amp;ust=1606769592442000&amp;usg=AFQjCNEv2Fh-0_RSml8RR2uCMpxrr7jwAQ">28/57 Darlinghurst Road</a> unit in the 1922 Wintergarden building came with a price guide of $680,000.  Since the 1950s, Hung-Hoi was a well known figure in the Kings Cross area after fleeing from China as a refugee during Mao Zedong’s Cultural Revolution.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/NOV/30/Wintergarden%201.jpg" alt="">
 
He was also the inaugural Chairman of the Australian Acupuncture and Chinese Medicine Association for 20 years and an accomplished artist and singer.  Hung-Hoi was the longest residing resident in Wintergarden, where he had both his unit and a separate clinic. 
Hung-Hoi’s clinic, which he sold more than 10 years ago, is still an acupuncturist practice.  It was sold under instructions of the estate executor John Halkett.
Hung-Hoi's patients included Kerry Packer. “He had the status of professor in China but also ran classes on Chinese medicine in Australia," Halkett said.
He bought unit 28 as a residence and unit 22 for his practice.
It sits on the north east corner of the seventh level in the 1920s Wintergarden block of 36 units.
The two bedroom, 60 sqm apartment with study nook has been untouched.
The building was  designed in the Chicago style skyscraper by John Burcham Clamp.
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Kings Cross Sale

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