The City of Sydney is seeking commercial partners to redevelop and operate three heritage buildings on Sydney’s Oxford Street as part of its plans to transform one of Sydney’s most important retail and commercial precincts.
The city 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.
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“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.”
Land value rises, residential development, over-regulation and the lack of value placed on cultural activity have been cited by some as reasons for what is considered the stagnation of Oxford Street.
Venue lockout laws, the Oxford Street clearway and competition from online shopping are also seen as factors effecting the precinct’s trade.
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The expressions of interest campaign was prompted by unsolicited proposals the City of Sydney received in 2016 to acquire the properties on long-term leaseholds.
Stonebridge Property Group will be running the process for the City of Sydney. The first-stage expressions of interest campaign will run until July 5.
