Prime Oxford Street retail sits on market as more stores listed
The slump in retail commercial property continues as even stores fronting Paddington's pricey Oxford Street can't attract buyers.
It's the stock at the city end of Oxford Street which is struggling to sell.
The longest on the market has been four mixed use buildings at 30-36 Oxford Street (above) which are described in the marketing an "undeniably the best shop fronts in Oxford Street."
They last sold for $3.98 million in 2014.
The buildings, to be sold in one line across 700 sqm, are currently configured as four retail shops with a first floor residence or office.
Steffan Ippolito at Oxford Agency advised that fully leased the potential gross income per annum is $470,000 plus.
The properties that have over 400 sqm of floor area have been on the market since March.
Another shop front sat idly on the market since April is at 56 Oxford Street, the home of womens clothing store Rodeo Show (below).
The freehold shop and first floor office with rear lane access is being offered with vacant possession by Richardson & Wrench Commercial.
It last traded for $1,815,000 in 2005.
Continuing up the road to the Woollahra end of Oxford Street, a shop at 90 Oxford Street on 110 sqm was listed for $2.3 million late last year.
Its re-listing is expected to see a similar guide, which puts it only a few hundred thousand up on its $2 million trade some 15 years ago.
The shop had 50 sqm of internal space over each of its three levels where there's also a one bedroom apartment.
The ground level tenancy expired late last year, and the residential tenancy expired earlier this year.
There are two new listings on the street which has been renowned for retailers and designers over the years.
Opposite Paddington Town Hall just listed is a mixed use retail commercial property on 200 sqm with a six metre frontage to Oxford Street.
The three level building at 244 Oxford Street (below) has three separate tenancies.
It comprises a 115 sqm retail component on the ground floor, currently vacant, and a second 35 sqm ground floor tenancy at the rear of the property that opens to Begg Lane. That's leased to hair salon Papillion Hair.
Levels one and two are occupied by a DA approved erotic massage parlour.
The Oxford Street retail has an estimated income of $115,500 per annum, while the rear hair salon pays $36,500 per annum. They have a new three year lease.
Levels one and two have a passing income of $70,191 per annum, with a 10 plus 10 year lease.
The property last traded for $3,635,000 in 2011 when it had a guide of $4 million.
The latest commercial premises isn't solely retail. It is being marketed as suiting a variety of uses, including a gym, real estate office, art gallery or corporate HQ.
The underdeveloped site at 345-347 Oxford Street sits next to a Mitre 10 and William Street carpark with frontages to Oxford Street and Regent Lane.
It has flexible B4 mixed use zoning and last sold in 2013 when it fetched $5.5 million.
