Property developer and owner of Sydney shopping strip The Intersection, Theo Onisforou, has confirmed the death of plans to launch joint designer complex The Intersection Co-Op, and slammed the local council for its lack of support.
Onisforou initially planned to launch The Intersection Co-Op in September 2011, with the concept set to see an 800-square-metre space on Oxford Street above The Intersection transformed into a dynamic showroom, with affordable rents, for up to 20 designers.
However, following the exodus of certain designers slated for the project and “no help” from the Woollahra Municipal Council, Onisforou has now revealed that The Intersection Co-Op will not go ahead.
“I’ve read about how badly department stores are doing and the reality is, the Co-Op concept was similar because the designer stores are are all in the one spot. We had room for about 20 retailers, but I'm nervous about the economy, and people started getting nervous as well, so while initially I had more than enough good designers,
I had enough pull out that I was left with only 10 good ones in the end, so I’ve put the whole process on hold indefinitely.”
Onisforou said he has received poor backing from Woollahra Municipal Council on initiatives such as The Intersection Co-Op and the recent ‘Walk of Style’ installation, launched earlier this year. He believes this has contributed to the demise of the once buzzing Oxford Street shopping strip.
“They’ve spent $3.5 million upgrading Five Ways Paddington and a fortune on Double Bay – but they’ve done nothing for Oxford Street in Paddington. I think it’s appalling. They happily take parking meter revenue, but they give nothing back. They should be ashamed of themselves, it’s disgusting.
“I’m heartily sick of it and I only pray that the government gets involved and takes Oxford Street off Woollahra Municipal Council and gives it to City of Sydney. I may be biting the hand that feeds me, but the way it is now, they don’t feed me, I feed them. And if it wasn’t for The Intersection Paddington, no-one would go to Oxford Street Paddington. We are the best draw card they have now and [at least] we are prepared to spend money promoting it.”