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News release

Sydney

High-profile Sydney CBD retail complex Oxford Square offered to the market for the first time in 28 years

Recently redeveloped Oxford Street asset is on the market


SYDNEY, 9 APRIL 2013 – Sydney CBD’s high-profile commercial retail complex Oxford Square, located on major thoroughfare Oxford Street, is being offered to the market for the time in 28 years.

The complex was extensively redeveloped in 2005 with the addition of 190 apartments built at the rear of the site, which do not form part of the sale offer. Jones Lang LaSalle’s Simon Rooney and Luke Harris are managing the sale.
 
Jones Lang LaSalle’s National Head of Retail Investments Simon Rooney said they expect strong competition for the complex given the quality of the retail offer and proximity to the CBD.
 
“Oxford Square is securely leased to a complementary mix of leading retailers and service providers, including Duffy Bros Supermarket; Liquorland; Chemist Warehouse; NAB; Fitness First and many more. This is a major draw card for potential buyers.
 
“Also given its prime location in one of Sydney’s most densely populated areas, Darlinghurst, and good condition, being redeveloped in 2005, we expect strong interest in the centre,” said Mr Rooney.
 
According to Jones Lang LaSalle’s Manager of NSW Retail Investment Sales Luke Harris, Oxford Square offers limited comparative retail competition within the catchment and forecast high population growth of 1.5% per annum coupled with a positive WALE of approx. 5.5 years.
 
“Oxford Square has a large and established main trade area of 17,310 persons with retail competition limited and an expected high population growth in the area off the back of multiple local high density residential developments, which we anticipate will be a customer driver in coming years.”
 
Oxford Square is fully leased, with net income circa $5,467,000 per annum. The site is a highly exposed 5.446sqm island site with 48-metre frontage to Oxford Street, providing a total Gross Lettable Area of 12,088 sqm and convenient basement parking for 37 vehicles.
 
Expressions of Interest close at 12noon AEST Thursday, 9 May 2013.​