Is Kings Cross Set To Be The New Soho?

The bustling streets of Sydney’s Kings Cross late at night may well be a thing of the past, and we’ve bid farewell to many of the old haunts that saw us consume a bevvie or 3, but although you are rarely now confronted with a vast array of late night types and party goers after midnight, the streets are still brimming with people, culture and great restaurants and bars, and property prices in the area are seeing a major boost. It’s still has great nightlife, just not post midnight night life.

Well-seasoned property specialist of the area Jason Boon, of Richardson and Wrench Elizabeth Bay likens the new look and feel of the Cross to Soho in NYC, and says that the controversial lockout laws haven’t deterred prestige buyers to the area at all.

“There’s still restaurants and quiet bars and there’s still a buzz around the neighbourhood that gives it a Soho lifestyle” he said.

In fact, well heeled locals can rest assure that their real estate is scoring top sales among Sydney’s corporate elite as reported by Domain Prestige two weekends ago, illustrated by the recent sale of Steve Askew’s penthouse in the Elan which sold for over $10 million, more than double the $4,045,000 Askew paid for it in 2003.

In addition, Yachtie Matt Allen bought the Dorchester sub-penthouse for $8.9 million, topping the $8.75 million paid by billionaire Gretel Packer for the nearby Macleay Regis penthouse late last year.

Elizabeth Bay is also becoming the new favourite for downsizers, with heavyweight corporate adviser Jamie Garis (paying $8.5 million for their penthouse in 2016), investment banker Scott Malcolm (paying $8.55 million in 2016) and pub mogul John Lewis ($20 million last year).

Perhaps Kings Cross really is a bit of a mini Soho in the making!