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Architectural Sydney icon ‘Oculus’ listed for sale

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The recently completed building was designed by SJB Architects and offers a net lettable area of 2,150sqm.

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).


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Matthew Meynell

Head of Investment Services | Australia

Sydney

As the Head of Australia’s largest investment sales team, Matthew drives industry leading initiatives across Middle Market Office assets, Offshore capital, complex workout solutions in the Restructuring and Insolvency space and is proudly backed by a team of over 80 professionals at the forefront of the industry.

Matthew’s investment into relationships sees him deliver revenue, exceptional results and always exceed his client’s expectations. By doing what’s right for the team, the greater Colliers business and his clients, he has established himself as an exceptional leader within the business and the property industry.

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Matt Pontey

Director, Sydney Metro Sales | Investment Services

Sydney

Matt is a Director in the Sydney Metro Sales team, Investment Services specialising in the City Fringe & Eastern Suburbs selling development sites,  apartment blocks,  commercial and retail assets,.

Matt has a strong property education background with a degree in Property Economics from the University of Technology, Sydney and a further Post Grad in International Business providing him with a strong understanding of the fundamentals of property and a unique perspective of the Sydney Metro Markets.

Matt has an intimate knowledge of his market and understands the diverse dynamics of this complex and sophisticated market. He brings a unique analytical perspective and context to every transaction which comes with honing his skills in this market for over ten years in all facets of agency.

His unique and creative marketing strategies has seen he and his team succeed and deliver some of the strongest results ever delivered in the Eastern Suburbs & City Fringe market. His expertise in his market and understanding of its inner workings have afforded him an edge over his competitors and delivered for his client's time after time.

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Miron Solomons

National Director, Sydney Metro Sales | Investment Services

Sydney

Miron joined Colliers International in 2013 with extensive expertise in both investment and insolvency services which remain his core specialisation.

With 20 years at the forefront of commercial transactions in Australia's most dynamic market, Miron has gained a reputation as an industry leader in the Eastern Suburbs and City Fringe markets. A consummate professional and tenacious negotiator, he brings with him a wealth of experience to Colliers International. Miron’s meticulous approach and key eye for detail enables him to deliver a truly first-class service backed up by a patient pragmatic approach and strong work ethic.

Miron’s continued specialisation in this highly diverse property arena has ensured that Colliers International offer an unrivilled level of experience and expertise. Combining these attributes with our results-driven approach and focus on customer service, Colliers International and Miron are proud to service a loyal network of clients.

 

 

 

 

 

 

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