Sydney’s Oxford Art Factory will be auctioned off later this month, which means the beloved music venue could soon have a new landlord.
Fairfax Media reports that the Oxford Street establishment could sell for “around the $5 million mark” when it goes under the hammer, but it will remain as a music venue for the foreseeable future.
Oxford Art Factory, which has occupied the property for 10 years, still has hold of the lease until 2031, with options to extend that even further.
“The business is not for sale, [Oxford Art Factory] is business as usual,” current owner and operator Mark Gerber said.
Gerber is selling the property, which earns a net income of around $370,800 a year, so that he can invest in other ventures.
Gerber tried to find a new landlord for the property in 2015, but wasn’t successful.
Since then, Oxford Art Factory has been granted longer opening hours following a review into Sydney’s lockout laws, which could be a selling point for potential buyers.
“They are becoming harder and harder to get; at the moment, they’re not giving out any licenses in certain locations throughout the city,” Metro Commercial Property Group sales agent Allan Levy said.
The auction will take place on 28th November.
Gallery: Harts – Oxford Art Factory, Sydney 17.09.16 / Photos: Maria Boyadgis
Harts - Oxford Art Factory, Sydney 17/09/16
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