The restrictive Sydney lockout laws are forcing another venue owner out of the Kings Cross district, with The Bourbon up for sale and development.
Having been rebranded and renovated in March last year, Fairfax are now reporting that its current owner have put the venue – and its adjoining former Sydney Swan Club – on the market. The Bourbon was originally opened in the '60s as The Bourbon & Beefsteak.
C.inc Hotels' managing director Christopher Cheung told Fairfax that the lockout laws had influenced his decision to concentrate on venues outside the precinct. Any new owner will be able to redevelop the buildings, which host weekly live music.
“There's no doubt that our vision to create a landmark, integrated hospitality facility at The Bourbon and Swans Club has been inhibited by recent legislation,” Cheung said, “but the number of approaches we've had from developers has made its sale a very compelling proposition.”
It has been estimated that the two venues may attract offers of around $30 million combined.
Other Kings Cross venues placed on the market since the lockout laws were introduced include the run of terraces home to World Bar and Candy’s Apartment and nightclub The Backroom, which is relocating outside of the lockout zone.
Venues will be eligible for development into commercial or residential buildings once current leases are expired.
The Backroom co-owner Raul Gonzales told Pulse Radio earlier this month, “Things haven’t been working for a while. Plain and simple, it is the lockout laws that have definitely affected our closing.
“When you have a business model that relies on late night trading and you’re not getting it, then it’s just not feasible to keep it running. The foot traffic in the Cross has dropped significantly.”
