The Verona, 17 Oxford Street,
Paddington, NSW 2021
Key property information
Map of The Verona, 17 Oxford Street
An Art House cinema complex with substantial development upside
- Art House CBD Fringe cinema complex
- Substantial 1,138 sqm corner site
- Substantial development potential
17 Oxford Street is zoned B2 Local Centre under the Sydney Local Environmental Plan 2012. It has a maximum permissible building height of 15m and maximum FSR of 2:5:1 and the potential for a maximum GFA of 3,295 sqm (STCA) across four levels.
The City of Sydney recently earmarked Oxford Street as a key priority area for renewal and revitalisation within the Local Strategic Planning Statement (City Plan 2036) endorsed in 2020. On the 5th May 2021, the City of Sydney released a draft planning proposal for the Oxford Street Creative Precinct, with the objective of reinvigorating what has long been one of Sydney’s iconic places.
The draft planning proposal supports that the FSR and height limit is increased to 3.5:1(with additional bonuses totalling 0.8:1 available) and 20m, respectively.
Key features of the properties include:
• Rare opportunity to secure a freehold asset occupying a prime corner position on one of Sydney’s iconic thoroughfares.
• Art House cinema complex featuring four (4) screens with a seating capacity totalling 366 people and leased to ‘Palace Cinemas’.
• Prominent 1,138 sqm* corner site with significant 26.67m* north facing frontage to Oxford Street.
• Elevated position with a northern aspect and unobstructed Sydney harbour views
• The existing improvements are substantially underdeveloped with recent planning changes allowing an FSR increase from 2.5:1 to 3.5 – 4.3:1, subject to necessary consents.
• Significant development potential with multiple value-add options.
17 Oxford Street is being offered for sale via an Expressions of Interest campaign closing at 4:00pm (AEST) on Thursday, 12 August 2021.
For more information or to request access to the due diligence room, please contact the exclusive selling agents.
Property ID: 503874290Last Updated: 18 Oct 2021
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