Lifetime opportunity to transform Oxford Street

Lifetime opportunity to transform Oxford Street

One of Sydney’s most important retail and commercial areas will be transformed through a major property upgrade that will support business, attract new visitors and boost the local economy.

The City of Sydney is calling for expressions of interest to transform 14,500 square metres of prime retail and commercial property in Darlinghurst on a 99-year lease.

The three properties at 56–76, 82–106 and 110–122 Oxford Street occupy more than 40 per cent of the street frontage between Oxford Square and Taylor Square.

Lord Mayor Clover Moore said the lease presented a once-in-a-lifetime opportunity to revitalise this important retail and commercial 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,” the Lord Mayor 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 expression of interest calls for an experienced operator that shares a vision for a distinctive retail and commercial strip with outstanding design. The operator will have a strong track record in redeveloping and refurbishing heritage buildings.

In 2016, the City received unsolicited proposals to acquire the properties on long-term leaseholds, prompting the call for expressions of interest.

Studies for the City have identified several options including a destination food and beverage cluster, specialty food and groceries, specialty retailers, an entertainment precinct or mini-anchor tenants and essential services.

The studies show unique and independent, high-quality operators are essential to maintaining Oxford Street’s authenticity and offering a point of difference to retail centres such as the Sydney city centre or Bondi Junction.

The City supports the area’s small businesses and cultural life through programs that offer affordable retail, office and studio space in its properties to artistic, creative and cultural businesses.

“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,” the Lord Mayor 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.”

Collectively the Oxford and Foley Street creative spaces host 90 small businesses, start-ups and arts organisations that benefit more than 1,500 artists, cultural workers and creative entrepreneurs.

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 our Oxford Street properties.

For media inquiries or images, contact Alex Cauchi. Phone mobile +61 467 803 815 or email acauchi@cityofsydney.nsw.gov.au

For interviews with Lord Mayor Clover Moore, please contact Julia Lenton. Phone mobile +61 410 748 039 or email jlenton@cityofsydney.nsw.gov.au

To inquire about the property, contact Lincoln Blackledge from Stonebridge Property. Phone +61 408 780 772 or email lblackledge@stonebridge.com.au