Iris Capital Continues Buying Spree

Sydney's famous Bourbon Hotel in the King's Cross strip has been acquired by

Iris Capital for more than $25 million, with the site likely to be developed into residential apartments.

It is the second landmark site Iris has purchased in the King's Cross area, cementing their local presence.

The group has previously paid more than $65 million for the Crest Hotel and Goldfish Bar, which is currently being developed into a 139-apartment tower. Late last year the group had also acquired the Cock and Bull Hotel for $20 million.

The King's Cross strip is undergoing a transformation after the introduction of harsher alcohol and lock-out laws with the pub and nightlife scene being exchanged for high-end apartment properties. As reported in The Australian Financial Review, Iris Capital has residential plans for the Bourbon Hotel, which has a capacity of up to 70 apartments.

The previous owners, Christopher Cheung's C.inc Hotels had spent m0re than $10 million upgrading the hotel after they bought the property in 2010.