Prime Sydney real estate left to rot.

By March 26, 2018News

In August 2014 I requested that the City of Sydney conduct a full and thorough review of the Oxford Street Property Plan with the aim of devising a new and holistic strategy for the upgrading and redevelopment of all the Oxford Street properties owned by Council. This was voted down by Lord Mayor Clover Moore who said it wasn’t required and that nothing was wrong.

In June 2016 I requested Council devise a new and holistic strategy for the upgrading and redevelopment of all the Oxford Street properties owned by Council, for implementation at the earliest opportunity. This was voted down by Lord Mayor Clover Moore who said it wasn’t required and that nothing was wrong.

Finally, 3 years after I first requested action be taken, in August 2017 Council endorsed an Expression of Interest to identify entities with the expertise and capacity to reposition these investment properties on a long-term ground lease.

Now, 6 months later, this tender process has still not begun.

For the Daily Telegraph story on the Sydney real estate rot CLICK HERE