A recently completed block of apartments as well as two shops along one of Sydney’s most prominent street frontages has come to market in an early test of the 2023 commercial market.
Occupying 888 sqm of land and with 1,301 sqm of area, the property at 257 Oxford Street in Paddington was designed by CDArchitects and is underpinned by exceptional tenants including high-end gym Combine Air Training and online lifestyle store and design studio Alex and Trahanas.
With 12 beautifully appointed units and onsite parking, the apartment block features a rooftop with views out to the Sydney CBD, Harbour and recently transformed Moore Park Precinct.
The Colliers team of Matt Pontey and Steam Leung have the exclusive listing with it anticipated to fetch over $20 million.
“A truly unique offering, Paddington trophy assets are incredibly tightly-held with few transacting year-on-year, let alone essentially a brand-new building in such a high-end location,” Mr Pontey said.
“This is the perfect set and forget investment in the heart of one of the most highly sought after places to live. It’s ease of access to transport to Sydney’s CBD & wider Eastern Suburbs coupled with the exceptional retail and restaurants at your doorstep there isn’t a better place in Sydney to invest in this proven and resilient market”
The Eastern Suburbs market has remained consistent and strong, especially in the top end as investors seek out risk-averse markets with solid proven historical fundamentals.
“We’re seeing an influx of investment and interest from Asian capital into the region as the strong market conditions and relative safety of these assets draws increased attention from abroad,” Mr Leung said. Oxford Street is in the midst of a rejuvenation, with a number of prominent redevelopment opportunities recently approved and set to reinvigorate the region. The Cambrian, a boutique block of 15 apartments is being developed by fashion icon Robby Ingham, whilst nearby a $170 million transformation of a 3,542 square metre development site on Oxford Street was secured by prominent developer Fortis.
The building is positioned with ease of access to Sydney’s CBD and the wider Eastern Suburbs via several bus routes, bicycle tracks and a short walk to the Light Rail. The precinct is also home to some of Sydney’s best restaurants, cafes and pubs all providing plenty of options for entertainment and dining out.
257 Oxford Street, Paddington is offered for sale via Public Auction on Thursday, 2 March 2023 at 10:30am (AEDT) at Cooley CBD Auction Centre, Level 5, One Margaret Street, Sydney.