Central Element and Boston Global have unveiled plans for their co-developed vibrant mixed-use precinct, Verona, a Scott Carver-designed reworking of Paddington’s former arthouse cinema.
The plans shed light on the new eight-storey retail tower made possible by the developers. 3,500 sqm of office and retail space, plus a 1,000 sqm of cultural entertainment space will be made available to the community once complete.
The project derives its name from the site’s cinematic heritage. Originally designed by TZG, the cinema closed in 2006, occasionally hosting pop-ups for notable retail brands. The redeveloped Verona comprises two levels of ‘subterranean’ cinema and retail spaces on the ground floor. Four levels of office space will sit above, topped by a rooftop hospitality offering.
“This project is an amazing opportunity to reinvent and redefine the next generation of cultural experiences on Oxford Street,” says Scott Carver Co-Managing Director Doug Southwell.
It anchors the eastern end of the City of Sydney’s Oxford Street renewal and will help people rediscover one of Sydney’s most creative and culturally significant areas.
“Cinema opens a world of experience and magic beyond our everyday lives. Verona will retain these cinematic experiences loved by so many, and enhance them with live entertainment, retail, and creative workspaces, allowing magical experiences into the everyday.”
The industrial brick facade has been maintained at ground level, while a crystalline facade wraps the workplace floors. Floorplates will range from 523-822 sqm, with some comprising outdoor terraces. There is also the potential for inter-connectivity to provide contiguous space for large, multi-floor tenants, plus end-of-trip facilities additionally on offer.
Mercer Property and Knight Frank have been appointed leasing agents. The former’s Founding Director, Tom Speakman, says the development will be well received by potential tenants.
“It’s a compelling opportunity, there’s simply no office space of this scale available in Paddington. It’s bringing city-style space to Paddington and the market is ready for it,” he says.
We’ve already dealt with a broad mix of potential tenants across the sporting, entertainment and medical sectors given Verona’s proximity to major amenities. The tech sector is another with other fringe locations like Surry Hills and Darlinghurst at capacity.”
