The Iconic Stonewall Hotel’s DIVA Bar Building Is Being Sold

The Oxford St building which houses the DIVA Bar of Stonewall Hotel is up for sale.

Sold by Ray White, 177 Oxford Street is being advertised for $3.7 million, the listing boasting a passing gross income stream of more than $192,000, with additional rental upside.

Currently, the building is home to Stonewall’s DIVA Bar on the ground floor, and the Millk Media Spa on the second. The two are listed as long term tenants in the advertisement and, as it’s only the freehold property being sold, neither group are going anywhere anytime soon.

177 Oxford Street is located directly across the street from the new Oxford and Foley development by Toga and Ashe Morgan, which has attracted significant backlash since the project’s halt mid-2024.

Oxford Street struggling, facing commercialisation

Developers Toga and Ashe Morgan signed 99-year leases on the buildings in 2019, with the aim to create a parallel street behind Oxford Street (Foley Street) in a Melbourne-style laneway that offers outdoor dining and entertainment.

The three properties are situated at the northern end of Oxford Street, numbers 56-76, 82-106 and 110-122, and occupy more than 40 per cent of the street frontage between Oxford Square and Taylor Square.

The project also includes major commercial office and retail development in the precinct, adding to the heritage sites a stepped-back rooftop extension. This will provide 9200 square metres of commercial space for creative, tech and new businesses, 2300 square metres of retail and a 75-room boutique hotel.

Oxford Street business have struggled significantly since construction began, and are still being offered little reassurance from either the council of developers since the project’s pause.

At an information session with business owners in June, a representative from Ashe Morgan said construction would be finished by mind-2025.

At the time, Robert Tait, a local resident and former retail shop owner, told City Hub that the local council, City of Sydney, had a lot to answer for.

“Development is already at least a year overdue. You’ve got three blocks that are boarded up for a very long period of time,” he said. “It’s massively impacted the vibrancy and commercial viability of Oxford Street. Just look at all the empty shops and businesses.”

In the last month, long beloved cafe and bar Cafe Freda’s, and Australia’s first women’s sports bar The Ladies League have both closed.