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A Struggling Sydney Venue Has Reportedly Been Sold For Half Its Market Price

Written by Emmy Mack on April 3, 2017

If a new report from The Industry Observer is anything to go by, Sydney is essentially throwing a going-out-of-business sale and ALL STOCK MUST GO.

The music rag says Darlinghurst’s Oxford Circus has just been sold for HALF it’s market value.

50%

The owner of Surry Hills venue Low 302, Aref Jaroud, has apparently accepted a $150K deposit for the venue, which was originally slapped on the market at the end of last year for around $300K.

As TIO reports, despite the venue’s “rare” 3am licence and prime Oxford Street real estate,  it’s been struggling to break even.

We’re wondering if it’s got anything to do with Sydney’s lockout laws, which have resulted in more than 80% less foot traffic in some areas inside the lockout zones and led to a veritable venue genocide, triggering the untimely deaths of more pubs, clubs and bars than we can bloody well count, including this favourite and this one, not to mention this onethis onethis one, this one, this one, this onethis one, this one and yep, even more than that.

And wouldn’t you know it, the news comes as yet another beloved Sydney venue announces its imminent closure.

Central Station-adjacent backpacker hub Scubar has just called last drinks after “20 years of love and laughter”.

“A Sydney icon for backpackers and uni students alike, not to mention the original home of the world-famous Crab racing, Scubar is going out with a bang and giving a shout-out to all the great friends, staff and customers we’ve made along the way,” a statement on the venue’s Facebook page reads.

The date of their official closure will be announced soon.

Stay up to date with all of the latest cultural carnage being wrought upon Sydney via our official Lockout Laws Feed.

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