One of the Sydney CBD’s most well-known live music venues, the Oxford Art Factory, could sell for “around the $5-million mark” when it goes under the hammer in November.
Current owner and operator Mark Gerber is selling the strata-titled property, which covers almost 600 square metres, to invest in other venues.
“The business is not for sale, (Oxford Art Factory) is business as usual,” he said.
Previously occupied by Central Station Records, the property at 1/38-46 Oxford Street earns a net income of approximately $370,800 a year, with 3 per cent fixed annual rent increases.
Oxford Art Factory, which has occupied the space for 10 years, has the lease until 2031 with options to extend.
The underground space is “inspired by Andy Warhol’s Factory in New York during the 60s” and sees about 5000 people come through its doors weekly, according to its website.
It has hosted performers including Matt Corby, Courtney Barnett and most recently Dave Grohl and Taylor Hawkins of Foo Fighters.
Sales agent Allan Levy, from Metro Commercial Property Group, said apart from the tenant being a “hugely successful and long-standing business”, the late trading license was a major attraction for 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,” he said.
Mr Levy added that investors had shown good interest to the property, including those who were particularly keen on entertainment venues.
“It could (sell to) someone who in the future may want to operate this, but currently it’s on a lease with the Oxford Art Factory,” he said.
“With what things are selling for at the moment, it looks like this is going to be a real good buy for someone looking for a good income.”
The vendors are motivated to sell and “are ready to put money into other venues”, Mr Levy said.
The property is scheduled for auction on November 28.
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