According to The Financial Review, the Potts Point heritage terraces that house the World Bar and Candys Apartment clubs have been purchased for about $12 million.
The newspaper is reporting that a consortium including Eagle Property Group and hotel entrepreneur Paul Fischmann has bought the four heritage terraces built in the late 1880s.
Located on Bayswater Road, the properties are smack in the middle of an area of Sydney that is set to undergo a huge transformation in the wake of the Lock Out laws. Unlike Hugo’s – which was located opposite the terraces – the two nightclubs have been continuing to service revellers, despite the downturn in trade and attempts to gentrify the suburb of Kings Cross.
The Fin is reporting that the consortium has specified that there are currently no development plans, though that will no doubt change. However, the existing tenants have long leases remaining in the short term so it will be a while before any future development plans are revealed.