56-76, 82-106, 110-122 Oxford Street
Darlinghurst, NSW
56-76, 82-106 & 110-122 Oxford Street, three significant heritage buildings on an aggregate site area of 3,587.2 sqm and a total lettable area of 10,708.4 sqm were acquired from the City of Sydney Council on a 99-year leasehold basis for a head lease payment of $65,125 million dollars (AUD). The transaction settled in November 2019.
The three buildings are situated up and down the length of Oxford Street, enabling the opportunity to upgrade the entire fringe precinct.
The assets were acquired with a short weighted average lease expiry (WALE) enabling immediate works to commence subject to council approval. The major equity joint venture partner in the project is Toga, Australia’s leading boutique hotel owner and operator.
On completion of repositioning and capital expenditure works, the asset will provide multi-level premium-quality designer creative commercial office space, featuring the heritage aspects of the existing structure, together with vibrant ground-floor retail.
Asset type: Core Plus/ Development
Investment type: Equity co-investment
Forecast return: High-teens + IRR*
Status: Live
Warning:
Returns are not guaranteed. Past performance is not a reliable indicator of future performance.
Forecasts are based on assumptions and estimates. Actual performance could differ materially and therefore it is not appropriate to rely on forecasts or assume that they will always be accurate.