Let's party like it's 1989 - Oxford Street revival plans approved
Toga and AsheMorgan are developing a $200m mixed-use precinct in Oxford Street, Sydney.

Let's party like it's 1989 - Oxford Street revival plans approved

Toga and AsheMorgan have won planning approval for their ambitious $200 million transformation of three city blocks in Oxford Street, Darlinghurst – the original heart of Sydney’s gay community – into an office, retail, hospitality and creative precinct.

Known as Oxford & Foley, refurbishment and development will start by late June with staged openings from early 2023 and final completion scheduled for the middle of next year.

Fabrizio Perilli, chief executive of Toga Development & Construction, said work encompasses more than 25 properties in three tranches on the northern side of the famous strip between Taylor Square and Hyde Park.

“It’s an iconic part of a Sydney with a lot of history and heritage that unfortunately over time has changed, and probably not for the better,” Mr Perilli said.

“This is a unique opportunity on the fringe of the city, and on one of the key arterial roads, to bring it back to life – it’s a hugely exciting project.”

Under the approved plans, signed off by City of Sydney on Wednesday night, the joint venture partners will retain the traditional heritage-listed retail facades and add extra levels, capturing Sydney Harbour views.

The development includes 9200 square metres of office space, dedicated cultural and creative areas, 2300 square metres of retail plus a slew of restaurants, bars, and cafés.

Parts of the development will link through to Foley Street, which runs adjacent to Oxford Street, creating a shared laneway featuring a “prominent” public art installation – a key element of the plan to reactivate an area which has been in slow decline.

The trigger was the 2014 introduction by the NSW government of its controversial lockout laws – no admission after 1.30am and 3am last drinks -that killed the nighttime economy in the targeted areas of Oxford Street, Kings Cross and the CBD.

Lifted in early 2020, the end of lockout laws was rapidly followed by the arrival of COVID-19 and citywide pandemic lockdowns, landing a knockout blow to Oxford Street hospitality and retail operators.

“Oxford Street has always been known as a nighttime economy. If we’re going to be successful, and this is how we should be judged, is that the precinct has a life morning, noon and night,” Mr Perilli said.

Financier AsheMorgan initiated the project, backing City of Sydney’s vision to bring Oxford Street back to life, signing 99-year leases on the buildings with it in 2019.

“We are proud to be restoring the former Darlinghurst precinct to its former activated glory,” said Mendy Moss, AsheMorgan Principal.

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