A major project to revitalise Oxford Street is on the way, after the City of Sydney agreed to lease three blocks of properties for 99 years to a major real estate investment group.
The project will activate more than 12,000 square metres of floor space for a diverse range of uses, bringing hundreds of jobs to the area, following development approval and major works.
Properties at 56–76 Oxford Street, 82–106 Oxford Street and 110–122 Oxford Street occupy much of the northern side of the street in Darlinghurst and are set to be rejuvenated by the Ashe Morgan group.
Spaces will be set aside for creative tenants as part of Ashe Morgan’s cultural and creative tenants program, which will be integrated with a mix of commercial and retail spaces.
“The City of Sydney and Ashe Morgan have a joint vision for Oxford Street,” the Lord Mayor said.
“We’re excited by their plans for heritage-inspired office spaces, cafes, small bars, restaurants and, most importantly, creative spaces, and happy that space the City currently dedicates to artists and creative businesses will remain under the new management of Ashe Morgan.
“Ashe Morgan recognises that Oxford Street is unique, and home to an eclectic mix of independent and creative businesses. They’ve agreed to provide subsidised creative spaces tenancies while transforming the three retail spaces that make up over 40 per cent of the street frontage between Oxford Square and Taylor Square.
“There’s strong demand for commercial properties on the city fringe and we believe this development will be the catalyst for further investment along Oxford Street.”
Ashe Morgan investment manager Marcello D’Ambra said the group looked forward to celebrating the heritage nature of the Oxford Street properties and integrating new design with the existing fabric.
“Our vision is for a place that is not overdeveloped, but retains its human scale, pays homage to the past and stands the test of time,” Mr D’Ambra said.
“We want to see Oxford Street alive with people at all times of the day and night, with a mix of commercial, retail, creative and public spaces.
“We are committed to working with the City’s property and planning teams to further develop this vision over the next few months, with the aim of commencing the redevelopment as soon as approval is received.”
The Lord Mayor said strategic property investment is a major source of revenue for the City of Sydney.
“In recent years, we’ve sold surplus properties to fund community assets and services for our growing city,” the Lord Mayor said.
“Revenue from our commercial properties allows us to provide the outstanding parks, public spaces, facilities, infrastructure, events and services that our community expects.
“Our property team is always on the lookout for land or properties that will benefit our community and meet the needs of our growing population.
“For example, last year we took the rare opportunity to purchase a warehouse on Huntley Street in Alexandria, which will be transformed into indoor sports courts for our residents to enjoy.”
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