A striking recently constructed architectural masterpiece in the heart of the CBD fringe, the ‘Oculus’ building, has come to market.
Designed by renowned SJB Architects with interiors by Richards Stanisich, the commercial office at 249-255 Crown Street stands as one of the premier opportunities within the Darlinghurst precinct.
The building provides a substantial net lettable area of 2,150sqm and comes with exceptional end of trip facilities and amenities, including a premium rooftop terrace and valuable on-site parking.
The Colliers team of Matthew Meynell, Miron Solomons and Matt Pontey are responsible for the exclusive listing, with price expectations of $50 million to $60 million.
“Oculus is a perfect opportunity for investors to acquire one of the most architecturally renowned commercial buildings within the Sydney City Fringe market. In essence, not only is it optically appealing but it provides a secure covenanted income stream,” Mr Meynell said.
“Currently the Sydney City Fringe commercial market is coming off the back of its strongest year on record, outpacing all other major geographic locations,” Mr Solomons added. “With businesses shifting towards a more cost-effective solution allowing greater employee benefits and the stabilisation of incentives, investors are provided with strong tenanted covenants on a long leasing term.”
Oculus provides a substantial net rental income of $2.5M per annum fully leased, with significant depreciation benefits while offering secure and quality covenants underpinning a long 6.52-year WALE.
“While 2022 has somewhat remained subdued over the first quarter, this follows a typical pattern from previous years,” Mr Pontey said. “As such, with record buying power from both local, interstate and now international clients we anticipate the remaining year will record even lower yields and further boost capital values.”
With transport infrastructure being a core focus of Sydney Fringe suburbs, Oculus considerably benefits from nearby train, bus, and light rail services, all while situated within one of the most well-known retail and restaurant precincts.
With the announcement of Ashe Morgan’s planned ‘Darlinghurst Collection’ development in 2019, Oxford Street has been a major focus for both the City of Sydney and investors looking to transform the well-known strip.
With an existing mix of business, educational institutions, health facilities and the renowned Mardi Gras, Oxford Street has for decades been enveloped by a rich and vibrant character. Given the proximity to the National Art School and UNSW Art and Design campus’ new 45-year lease, Oxford Street continues to transform into Sydney’s premier creative precinct.
249-255 Crown Street, Darlinghurst is being offered for sale by way of Expression of Interest (EOI), closing Wednesday 8th of June 2022 at 2pm (AEST). Please contact the following Agents for further enquiries.
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