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.