Over the past decade the shopping strip located between St Vincent’s Hospital and the Town Hall on Oxford St in Sydney’s Paddington has gone through its fair share of peaks and troughs, but with falling rents, and an influx of international fashion brands hitting Australia, it may well be out of the woods, according to Savills.

David Kleiner of Savills Retail Leasing believes the strip is about to see a revival of the forgotten high end fashion strip.

“Back in the heyday, rents in this stretch of Oxford St achieved around $1800 per square metre for a retail shop north of 100sqm,” Kleiner said.

“Since then, rents have fallen by around 18 per cent, which has been driving both international and national retailers back to this part of town.”

According to the latest Spotlight on Sydney Retail by Savills, major international fashion labels are considering the Australian market and seeking flagship locations outside the prime retail precinct of the Sydney CBD.

Earlier this week Kleiner launched a marketing campaign for a double retail frontage store in Paddington’s Oxford St, which within 48 hours received more than 40 enquiries, eight of which from high profile international fashion retailers, two looking for their first stores in Sydney.

Located at 118-120 Oxford St, on the corner of Glenmore Rd, the 230sqm store was formerly leased to Alannah Hill for 16 years.

Retailers currently trading on Oxford St include Zimmermann, Camilla, Scanlan Theodore, Sass & Bide, Manning Cartel, and Mecca Cosmetica, among others.