Darlinghurst ‘architectural icon’ Oculus has $50m-$60m hopes

Stephen Nicholls

First published 18 May 2022, 1:28pm

News Corp Australia Network

Oculus, 249-255 Crown St, Darlinghurst, has a price guide of $50m-$60m.

A recently completed ‘architectural icon’ has hit the market with a $50m to $60m price guide, close by a major Sydney road that’s slated for a mega transformation.

The Darlinghurst commercial building ‘Oculus’ — designed by renowned SJB Architects with interiors by Richards Stanisich — is at 249-255 Crown St, the former site of the Balkan restaurant, Inner Vision tattoo shop and a cafe.

But its rebirth into a luxury commercial premises with finishes reminiscent of a five-star hotel is indicative of changes on the way to long-tired Oxford St.

These include the conversion of nearby buildings owned by City of Sydney into the Darlinghurst Collection for office and retail accommodation at 56-76 Oxford St.

And the new ‘25hours Hotel’, the former landmark West Olympica Theatre, further up the street in Paddington, complete next year.

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Oculus boasts finishes reminiscent of a five-star hotel.

It’s only recently been completed.

This will have 107 guest rooms, a rooftop bar, central courtyard, restaurants, a state-of-the-art fitness centre and conference and live music facilities.

Described as an “architectural Sydney icon”, Oculus is being marketed by Colliers agents Matthew Meynell, Miron Solomons and Matt Pontey.

Meynell says: “Oculus is a perfect opportunity for investors to acquire one of the most architecturally renowned commercial buildings within the Sydney fity fringe market.

“In essence, not only is it optically appealing but it provides a secure covenanted income stream.”

The building, which gets its name due to its large circular window, provides a net lettable area of 2,150sqm and features a rooftop terrace and on-site parking.

Whereas the CBD has had a tough time in recent years due to Covid, demand for boutique office space is booming.

Oculus features a large circular window.

Stylish interiors.

High-end tenants at Oculus already include The Jaga Group and Bellinger Asset Management.

Solomons says: “Currently the Sydney city-fringe commercial market is coming off the back of its strongest year on record, outpacing all other major geographic locations.

“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.”