The State Government must act to boost Sydney’s floundering Oxford Street by reviewing land taxes on the strip, according to the Real Estate Institute of New South Wales.
REINSW President Malcolm Gunning said Oxford Street was suffering after a clearway was created, which has restricted car parking, increased traffic pollution and hampered business.
“In recent years there has been a significant decline in this important commercial area,” Mr Gunning said.
“Sydney and Woollahra Councils are pouring money into revitalising the strip. It is now time for the State Government to recognise the problems.
“REINSW is going to ask the Valuer General to take a look at disproportionate land taxes, which need to be reduced in order to revitalise Oxford Street.
“Land Taxes haven’t fallen like the rents have because they are based on raw land value and building potential and do not take into account the heritage conditions associated with Oxford Street. In some cases the Land Tax is 50 per cent of the rent.
“It is time to recognise that the strips are going through a cultural change. Land values must be reviewed and savings passed onto new tenants including boutique fashion retailers. It is essential that Oxford Street rises again,” Mr Gunning said.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact: Helen Hull – 0419 642 961 or firstname.lastname@example.org.