Collapse of $61M Pub Sale Casts Doubt Over Oxford Street Rejuvenation Plans
The collapse of a $61 million sale of two well-known watering holes at Taylor Square has cast a whole new shadow over recent plans for the rejuvenation of Oxford Street.
In September, Kinselas Hotel and Courthouse Hotel were sold to private property developer Virtical.
However, since they failed to settle on the deal in time, vendor MA Financial launched legal action to settle the deal.
The matter is now before the Supreme Court, according to a report by The Sydney Morning Herald.
Steph Győry from Darlinghurst Business Partnership told The Herald that it was probably better that the redevelopment of the two pubs did not happen, as it would mean more construction.
“It’s fine as it is,” he said. “Kinselas is a great venue, and the Courthouse works.”
Construction on Oxford Street is ‘disastrous’
The news comes as the iconic LGBTQI+ strip faces setbacks due to delayed construction on three blocks, increasingly empty shopfronts, and struggling venues.
In May, we reported that the Oxford & Foley project had halted, with contractors locked out of the sites and security guards were seen cutting the locks off and replacing them.
Construction works have already severely impacted the vibrancy of the iconic strip, the original heart of Sydney’s gay community, on top of the devastating effects of the 2014 lockout laws and the pandemic.
Originally slated to be completed by mid-2023, and in time for the 2024 Sydney Gay and Lesbian Mardi Gras parade, the project is nowhere close to finished, and is now guarded by around-the-clock security.
Earlier in July, the Stonewall Hotel announced they would be closing their venue on Mondays and Tuesdays throughout winter due to dwindling foot traffic in the early parts of the week.
A Stonewall insider shared with Gay Sydney News that Mondays and Tuesdays are “completely dead” on the strip at the moment.
In late June, Lord Mayor Clover Moore faced a room full of business owners disgruntled about the impacts of ongoing construction along Oxford Street. The three buildings concerned are owned by council but leased to developers AsheMorgan for 99 years.
You cant create it. Oxford street developed from need in the 70,80s. Money and bad town planning killed it. No amount of planning or cash can re create what once was. You need creative young people filling cheap rentals for that to ever happen again.
doesn’t anyone think that the cost of living hits gays as well >??… get real the prices in oxford street are over the top hence the lack of rental filled plus the lack of parking and poor security over night is a joke..makes on wonder why anyone continues to sponsor the area.
Justin Hemmes?
Then the clientele will go back to straight young teenagers causing problems on Oxford Street like 10 years ago ,no thanks ,!!
Clover killed Oxford St but people will still vote for her and complain that the strip is dead
Get Justin Hemmes to invest in these properties. After a little refurbishment and creative interior decorating, believe me, his clientele will be attending these venues in droves!