Proposal seeks to boost business and affordable housing

August 7, 2017 by  

Management of some of the City of Sydney’s properties is set to be realigned or relinquished to make way for more affordable housing, and to boost Oxford Street’s attraction as a key business destination.

Council is yet to consider a report that recommends several surplus commercial and operational properties be put up for sale in 2017-18.

This action would bring about more affordable inner city housing and allow the City to achieve its 10-year objectives for capital works, according to the report.

It is also recommended in a second report that a commercial partner be appointed to reposition several strategically located commercial properties in Oxford Street for long-term lease.

The report coincides with the closure of City depots at Alexandria, Redfern and Zetland to make way for the major new southern depot opening at Alexandra Canal.

It is proposed that ‘for sale’ signs will be erected on each of the closed depots for the establishment of affordable housing.

Adoption of the report will also see a number of commercial properties hit the market, including Stockton House in East Sydney, Moore Park’s 545-549 South Dowling Street, and 90 Regent Street in Redfern.

Commercial property represents an important revenue stream, which has helped boost the City to a debt-free and strong financial position, according to Lord Mayor Clover Moore, who said:

“Our commercial property portfolio generates more than $63m of rental revenue each year.”