Three Oxford Street properties hit the market on a 99-year lease
Image: Oxford Street.
The City of Sydney has called for expressions of interest to transform three Oxford Street properties on a 99-year lease.
The properties – at 56-76, 82-106, and 110-122 Oxford Street – take up more than 40 per cent of the street frontage between Oxford Square and Taylor Square.
Lord Mayor Clover Moore said the lease was a once-in-a-lifetime opportunity to breathe new life into the area.
“Oxford Street is one of Australia’s most renowned retail and entertainment strips and is home to independent businesses that attract visitors from across the city and overseas,” she said.
“The potential redevelopment of these properties is an exciting opportunity that will improve opportunities for local residents, attract greater numbers of visitors, and help boost the local economy.”
The city’s expression of interest calls for an experienced operator with a strong track record in redeveloping heritage buildings, and someone that shares a vision for a distinctive retail and commercial strip with outstanding design.
In 2016, the city received unsolicited proposals to acquire the properties on long-term leaseholds, prompting the recent call for expressions of interest.
Studies have identified several options for the properties, including a destination food and beverage cluster, specialty food and groceries, specialty retailers, an entertainment precinct, or mini-anchor tenants and essential services.
Moore said the city supports the area’s small businesses and cultural life through programs that offer affordable retail, office, and studio space.
“Our Oxford Street creative spaces program has attracted more than 100,000 visitors to the area since 2012, while building on the strip’s cultural and creative character,” she said.
“The program has since expanded to neighbouring Foley Street and nearby William Street where they’ve been very successful, injecting more than $1 million in the local economy in 2017.”
As part of the criteria for the long term lease, the private sector will be required to provide the equivalent floor space currently offered to the 22 creative and cultural tenancies in the city’s Oxford Street properties.
To inquire about the property, contact Lincoln Blackledge from Stonebridge Property on 0408 780 772, or email [email protected].
