CE Boston Hotels has revealed its $100 million plans to revive West’s Olympia Theatre at One Oxford Street, Paddington, renowned for housing the Grand Pacific Blue Room in the 1990s.
The JV partnership between Sydney-based property developer Central Element and strategic investment firm Boston Globalhas just lodged a DA to revitalise Oxford Street and the local precinct.
Daniel Barber, Planning Manager, Central Element says, “Subject to the DA being endorsed, the flow on effect of this project will deliver over 1000 jobs over the next two years."
"The mixed-use development will also provide significant public benefits and an estimated injection of close to $8m of additional revenue into the local economy.”
In addition, CE Boston Hotels are working closely with Paddington residents and the nearby medical precinct, art schools and universities to drive an engaging and supportive development.
Located at 1-11 Oxford Street, Paddington, the original building was initially the site of Marshall’s Paddington Brewery (circa 1860-1906) before being replaced by West’s Olympia Pictures in 1911—becoming a destination for Sydney’s movie lovers for nearly 50 years.
In its 90s heyday, the building’s Grand Pacific Blue Room was the party place to see and be seen. But, after a decade of underuse, it fell into disrepair.
Now the Sydney landmark will be transformed into a luxury mixed-use boutique hotel that truly embodies the spirit of one of Sydney’s best known and busiest locations, where Oxford Street meets South Dowling Street, Victoria Street and Barcom Avenue. The Hotel operator will be announced in Q3 2020.
Designed by highly-acclaimed architects, Tonkin Zulaikha Greer, the world-class adaptive re-use project will activate and rejuvenate Oxford Street with restaurants, retail and entertainment venues at the street and first basement level. In addition, a medical facility will be housed in the lower basement level.
"I’m excited to be working with our team on this high-quality, innovative project which is strategically located adjacent to a major health and education precinct at Darlinghurst," says Bill Moss AO, Boston Global Chairman.
CE Boston Hotels will skillfully restore and integrate West’s Olympia Theatre’s iconic façade into the new building, which will feature a huge, landscaped internal garden on the ground floor, visible from the street.
Four guestroom floors will feature 101 high-end rooms, food and beverage offerings on the ground and rooftop, plus conferencing, banqueting and medical spaces in two new basement levels.
“This is such an exciting and unique opportunity for us to not only reinvigorate an iconic landmark but also enhance the community with a high quality, beautifully-designed building that locals and visitors alike can enjoy again,” says Wayne Chivas, Central Element Director.