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News release

Sydney

Beachside pub in Wollongong hits the market in time for summer


SYDNEY, 18 SEPTEMBER 2012 – Wollongong’s iconic Oxford Hotel site, formerly a popular venue for many Australian bands and musicians, is on the market with developers from around Australia expected to show interest in the landmark site.

The sale of the property, which has potential for significant mixed use development, will be conducted via an Expressions of Interest campaign closing on 24 October 2012. The hotel licence and poker machine entitlements may be sold separately.
 
The site is zoned B3 Commercial Core, which allows for a potential mixed retail, residential and commercial development with a maximum floor space ratio of  6:1 (for non-residential) and height limit of 48m (subject to council approval).
 
Selling agent John Macree, Head of Sales and Investments, Metropolitan Markets at Jones Lang LaSalle, said “This site is superbly positioned between the Wollongong CBD and the beach. The Wollongong market is currently enjoying a low vacancy in A grade commercial property making the site attractive to commercial developers. Residential developers will also be attracted by the price point of the medium density residential market in Wollongong and recent presales in the Wollongong market.” 
 
“Development of the site may be significant for the Wollongong community and any construction activity is likely to boost the local economy and strengthen the town centre.”
 
“Property giants GPT have already shown their confidence in the local market with the current expansion program of their Crown Central Shopping Centre. No doubt other astute developers will follow their lead,” Mr Macree said.
 
Mr Macree added, “The site is located just two streets back from the beach and is between the shopping and entertainment precincts making it a very versatile property.”
 
MMJ Wollongong’s Managing Director Geoff Jones commented, “The Oxford Hotel site represents an outstanding opportunity for a variety of purchasers and without a doubt is one of the best CBD properties to come to the market place in recent times.”
 
“The prominent gateway location, wide three street frontages and the generous land size provides a wonderful re-development opportunity.  The Oxford Hotel was one of the city’s major hotel and entertainment venues and with the availability to purchase the hotel licence and poker machine entitlements, buyers have the option to reopen the venue as well.”
 
The property is being jointly marketed by Jones Lang LaSalle and MMJ Wollongong.
 
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