CommercialPatrick LauThu 29 Oct 26
Long-Delayed Oxford & Foley Office Revamp Nears Completion
The $200-million commercial revamp of a string of heritage buildings along Sydney’s Oxford Street is nearing completion after years of delays prompted a $92-million lawsuit.
Plans are on show for a $1.75-million speculative office fitout at the final Group 3 portion of the Oxford & Foley mixed-use redevelopment, led by fund manager AsheMorgan and developer Toga.
Commercial spaces are already being marketed for the building, which had initially been slated for a 2023 opening.
AsheMorgan acquired the site from the City of Sydney in 2019 under a 99-year leasehold, and secured approval in 2022. Original builder Growthbuilt was taken off the project in 2024, and subject to a lawsuit launched in 2025 over construction delays.
The plans on exhibition for 110-122 Oxford Street, about 500m south-east of Hyde Park, call for works within levels 1 to 4 of the final building of the project, which is currently a vacant cold shell. The first two buildings have completed and are trading.
The 615sq m structure is heritage-listed, but works affecting the facade and envelope have already been completed. The fitout works currently proposed include internal partitions and doors, cabinets and shelving, flooring and internal services to suit office use.
Slow progress on the project, along with Covid and cost of living pressures, have been blamed for the collapse of a number of high-profile businesses along Oxford Street’s once-thriving retail and entertainment strip. The Stonewall LGBT venue shuttered in March after almost three decades of operations, although another pub has opened under that name in Sydney’s Newtown.
Since GrowthBuilt was exited from the project, founder Colin Rahim has launched a builder-developer named Prosper, which is pursuing a 39-storey, $264-million TOD tower at 402-420 Pacific Highway, Crows Nest. A second project at St Ives, comprising a $92-million, 74-home scheme overlooking the Pymble Golf Club, was approved in August.
In January, AsheMorgan began construction on the $600-million build-to-rent precinct in Melbourne’s Docklands. And in September, Toga exhibited plans for a sized-up version of a $553-million, 866-home precinct at Five Dock, with addresses at 51-55 Parramatta Road.
