Skip Ribbon Commands
Skip to main content

News release


High-profile Sydney CBD retail complex Oxford Square sold to the Australian Property Opportunities Fund for AUD 62.7 million

The current pace of investment activity suggests retail investment volumes in Australia are on track to produce a new record high in 2013

​​​​SYDNEY, 18 OCTOBER, 2013 – Sydney CBD’s high-profile commercial retail complex Oxford Square, located on major thoroughfare Oxford Street, has sold to the Australian Property Opportunities Fund for a purchase price of AUD 62,700,000. The asset was on the market for the first time in 28 years.

Jones Lang LaSalle’s National Head of Retail Investments Simon Rooney and Manager of NSW Retail Investment Sales Luke Harris managed the sale on behalf of a local Private Investor.

According to Mr Rooney, there is an even greater level of liquidity in the market this year, but investors remain selective towards the type and quality of assets.

“While major deals above AUD 150 million still dominate the overall market, we’re also seeing an uplift in activity in the AUD 50-150 million bracket this year. The increase is being driven by a range of syndicators, boutique fund managers and real estate advisors with access to capital and seeking exposure to the retail sector.

“In addition to this sale of Oxford Square to Australian Property Opportunities Fund, groups such as Primewest, Altis Property Partners, Harrington Property, BB Retail Capital, Sentinel and a number of others have acquired assets throughout the year.

“Including this most recent major sale, total retail transactions have exceeded AUD 5 billion for the year to date (AUD 5.3 billion). The current pace of activity suggests retail investment volumes are on track to produce a new record high in 2013, above the AUD 6.5 billion recorded in 2012,” said Mr Rooney.

The Oxford Square complex was extensively redeveloped in 2005 with the addition of 190 apartments built at the rear of the site, which did not form part of the sale offer. 

Mr Harris said they received strong competition for the complex due to the quality of the retail offering and proximity to the CBD.
“Oxford Square is securely leased to a complementary mix of leading retailers and service providers, including Duffy Bros Supermarket; Vintage Cellars; NAB; Chemist Warehouse; Fitness First and more. 

“It’s located on the major thoroughfare Oxford Street in Darlinghurst – within one of Sydney's most densely populated areas, which drove a high level of interest.”

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. 4.91 years (by area).

The property 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. 

Oxford Square is fully leased, with net income circa $5,025,000 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.