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News release


Wollongong’s landmark Oxford Tavern site sells for mixed-development use

SYDNEY, 8 May, 2013 – Wollongong’s landmark Oxford Tavern site, located in a prime position between the beach and CBD, has sold to a Sydney-based developer.

The buyer is considering a number of development options for the property, including mixed-use residential, commercial and retail development.
Selling agent John Macree, Jones Lang LaSalle’s Head of Sales & Investments for NSW, said the sale followed a competitive Expressions of Interest campaign, and highlights the appeal of the area.
“The sale of the Oxford Tavern development site for mixed-use residential development is a sign of confidence in the local market and economy, with the developer keen to build in the area and maximise local demand for residential apartments.
“Recently, property company GPT showed their confidence in the local economy through their expansion of the Crown Central Shopping Centre. The development on this site is also set to be a boost for the Wollongong community’s economy and is likely to add strength to the CBD.”
Mr Macree said the area has seen growth in certain industries. “We’ve seen a number of investors and owner-occupiers looking to purchase in locations close to Wollongong’s beach and its central business district. This, in conjunction with a strong retail precinct, has made the property a significant development prospect.” 
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).
Dual selling agent Leslie Cheng, Jones Lang LaSalle’s Director of Metropolitan Sales & Investments, said the site is situated in an appealing position between the precinct of Wollongong’s CBD core to the west – the city’s shopping and entertainment hub – and the beach to the east.
“The prominent location, combined with significant exposure to three street fronts being Crown, Corrimal and Burelli Streets, and generous land size at 4,120 sqm, provides a prime re-development opportunity.
“The Wollongong commercial property market has been enjoying a low vacancy in A-grade commercial property, making the site attractive to commercial developers. We received interest from a cross-section of people looking to re-open the hotel, commercial and residential developers who were attracted to the prime location of the site. The underlying market metrics for residential medium-density made this sector the strongest bidders. We expect the developer will start a pre-sales campaign shortly,” Mr Cheng concluded.
The property was jointly marketed by Jones Lang LaSalle and MMJ Wollongong. The transaction was undertaken on behalf of receivers and managers McGrathNicol.​