A deposit has been taken for Sydney venue The Oxford Circus for half its market value after it struggled to break even, according to an exclusive report on The Industry Observer.
Aref Jaroudy, who also owns Surry Hills venue Low 302, has accepted one offer of a $150,000 deposit for the venue.
READ:Sydney’s Lockout Laws Are Three Years Old, But Where Have They Got Us?
The Oxford Circus was on the market at the end of last year for around $300,000 and that price was dropped incrementally leading up to the sale this month.
The property site itself was sold last September.According to the listing on realestatecommercial.com.au, Jaroudy was paying around $260,000 per year just to lease it.
Jaroudy sent the following statement to TIO via email:
“I can’t comment at this stage on what the final sale price will be, other than to say that there are, at this juncture, a number of offers on the table for the venue.”
Unfortunately, it could be said the venue’s sale for well under its market value is a sign of the times in Sydney. Despite the venue’s “rare” 3am licence, the crippling lockout laws have resulted in an 84% decrease in Kings Cross foot traffic, according to City of Sydney’s 2015 report. Surry Hills has been similarly affected; City of Sydney’s report noted the CBD’s south has been deprived of some 720 punters each night.
This article originally appeared on The Industry Observer. For more music industry news and analysis, subscribe to TIO here.
