[+] New Era for Kings Cross Beckons as Money Floods In

It started with one art deco hotel in Kings Cross—now Sydney-based developer Phil George has a row of terraces, apartment block, a William Smart home and a former brothel. It was all part of an estimated $50-million buying spree by George as he picked up Kings Cross properties around the site of his planned Piccadilly Hotel development. The dormant hotel could be transformed into 17-room hotel, dining and retail precinct if the council agrees—work is under way with the City of Sydney to change zoning to allow the plans. George’s latest purchase was 90 Street, Potts Point, which settled this month. It is a personal project for George, under the entity Harrphil Pty Ltd. He also has links to Futuro Capital and Potter George Group. The Kings Cross properties, which are mainly residential, would become mixed-use to provide an expanded and upgraded hospitality and hotel offering between Victoria and Brougham streets in the suburb. The plan to allow hotel and motel accommodation use at the properties on those streets went on exhibition with the City of Sydney this year. It is one of a handful of hotel projects in the area that include the Sofitel Sydney Wentworth refurbishment next year by Futuro Capital. George says he bought the Piccadilly Hotel, Kings Cross, in 2016 and was continuing working on the plans to extend it. “I bought it as an investment and I didn’t know what I was going to do with it at the time but I fell in love with the property and the location,” he says. “The art deco facade certainly is unique, especially with the surrounding heritage terraces and streetscapes ... it certainly stands out.” ▲ The Piccadilly Hotel was designed by architects Provost and Ancher in 1938. Access, accommodation and opportunity led George to doorknock the rear terraces and pick up adjoining properties to open the development potential. “The neighbour was the Golden Apple brothel,” George says. “With the lock-out laws and change of the environment in the Kings Cross precinct I felt it would be best to try to acquire that property for whatever I was going to do with the hotel. I did that in 2018. “Then I decided the rear of the terraces had been tacked on and the visual aesthetics of looking down at it was not so exciting so that was another reason to buy them.” Another doorknocking exercise ensued and the terraces at 92, 94, 96 and 98 Brougham Street were acquired, along with a home designed by leading Australian architect William Smart at number 90. “One of the other issues was 100 Brougham Street, which is a block of 24 studio apartments 27sq m each. I approached all 24 owners and now own 23 of 24 of the apartments,” George says. “I’m doing a strata renewal plan to acquire the remaining unit, which is currently being dealt with in the courts.” ▲ An overview of the properties that back on to the Piccadilly Hotel. Plans for the site are now on exhibition. The Piccadilly Hotel plans, along with the Metro-Minerva Theatre, Bourbon and Beefsteak pub development, John Ibrahim’s shop-top plans among other projects will play a big role in the evolution of Kings Cross . George says there are some good parts and not so good parts of the area. “That also creates excitement and the edginess of the suburb, you don’t want it sterile and too pretty, you’ve got to have some of everything,” he says. “It’s a great part of Sydney, it used to be that every backpacker in the world went to the Cross, it’s just a different demographic now ... sophisticated, educated and looking for excitement and things to do.” The new developments would reposition Kings Cross and return people to the area for entertainment, accommodation and hospitality, supporters say. For the Piccadilly Hotel, there was space to grow and early visions for the site looked promising. ▲ George intends to remove the “tacked-on” rear of the terrace buildings to increase the appeal of the area. Sydney’s hotel market shifted into positive territory with strong revpar and occupancy rates this year, giving developers confidence to move ahead with projects. Icon lodged a 229-key plans on Kent Street in November, Mulpha gained approval for its 17-storey Chinatown development in September and Anson Group had also relodged plans for its Haymarket hotel. You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

[+] New Era for Kings Cross Beckons as Money Floods In

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