Latest Cityscope News - May 2022

NSW

Sydney Cityscope

The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending May 2022 has decreased significantly from the preceding quarter. There were 47 sales recorded for the most recent quarter with a total value of about $1.149 billion, as compared to the 54 sales for a total of $3.354 billion for the quarter ending February 2022 and the 83 sales for a total of $1.642 billion for the quarter ending November 2021. For the year ending May 2022, there were 250 sales recorded for a total of $7.408 billion, compared to the 153 sales for a total of $4.082 billion for the year ending May 2021.

Notable Sale: Hilton Sydney at 488 George Street, Sydney, a 577 guest room hotel featuring a 3,000-seat conference, convention centre of 4,000 sqm featuring a 100-booth exhibition space, 11 event rooms and 9 meeting rooms, a 1,200-guest ballroom on levels 1 to 4, a 2,500 sqm Health Club with a 25 metre swimming pool, spa steam room and sauna, two retail shops, four restaurant/cafes on the ground level, a restaurant on level 4 and a large outdoor terrace on level 10; extensively refurbished at a cost of $25 million recently, which was bought for $530 million.

Macquarie Park Cityscope

The latest research from Macquarie Park Cityscope shows that commercial property sales have decreased significantly in values in the past three months. Sales recorded in the quarter to May 2022 totalled $61.5 million from 15 sales, compared to the closed to $1.148 billion from 20 sales in the quarter to February 2022 but an increase compared to the $30.2 million from 13 sales* in the quarter to November 2021. This data brings the twelve-month total close to $1.433 billion from 62 sales, a decrease in total value from the previous twelve-month total of $1.462 billion from 47 sales.

Notable Sale: Lochlan Square Village at 17 Halifax Street, Macquarie Park, stratum lot 7 comprising 10,070 sqm of retail space on the ground floor, 2,632 sqm on level two, around 484 sqm on basement levels two and three, 787 sqm on basement level one and 10,102 sqm on basement level zero, which was bought for $30 million through Colliers International Sydney.

VIC

Burke Road Cityscope

The latest research from Burke Road Cityscope shows sales value has significantly increased in the quarter to May 2022, due to the $125 million sale of Stratum lot 3 in CV Two. In this latest quarter, there were 6 sales at $142.9 million, compared to the 9 sales at a total value of $25.1 million in the previous quarter. This quarter brings the 12-month total to $212.8 million comprising 29 sales, a large increase compared to the 11 sales at a total value of $35 million over the previous year.

Notable Sale: Stratum lot 3 in CV Two at 141 Camberwell Road, Hawthorn East, comprising retail/commercial space on ground, mezzanine and levels 1 to 3 and parking space in basement level 1 mezzanine and basement levels 1 to 5, with 304 car parking bays. The podium has a central atrium and comprises of communal space, shops, restaurants, end of trip facilities, a gymnasium and a yoga studio with a net lettable area of 10,249 sqm, which was bought for $125 million.

Chapel Street Cityscope

The latest research from Chapel Street Cityscope shows that commercial property has increased in terms of sales value for the past three months. Sales recorded in the quarter to May 2022 totalled $51.8 million from 6 sales, compared to the $43.6 million from 9 sales in the quarter to February 2022 and from the $38.8 million from 7 sales in the three months to November 2021. This data brings the 12-month total to $161.7 million from 29 sales, an increase from the previous twelve month total of $94.6 million from 29 sales.

Notable Sale: 671 Chapel Street, South Yarra, a two-level building comprising office and warehouse space, with a large part of the ground level to the rear of the building used for parking for 29 cars. Built 1985 with a gross building area of 3,000 sqm including 750 sqm office space, 750 sqm warehouse space and 1,500 sqm car parking with a site area of 2,117 sqm, the property was bought as a development site for $37.55 million through Emmetts Real Estate – Melbourne.

Melbourne Units Cityscope

Sales recorded for Melbourne Units Cityscope for the three months to May 2022 totalled $204.1 million from 321 sales, a decrease compared to the $530.6 million from 720 sales recorded for the quarter to February 2022 and the $475.5 million from 711 sales recorded for the quarter to November 2021. The latest data brings the twelve-month sales total close to $1.531 billion, a decrease from the previous twelve months, which recorded sales of close to $1.647 billion.

Notable Sale: Unit 1 at The Bond Store, 30 Oliver Lane, a half floor apartment of 212 sqm, two-bedroom, two bathrooms at the north side of level one in the seven-level warehouse converted residential building and Unit 2A at the south side on the same level, the other half floor apartment of 168 sqm, two-bedroom, two bathrooms, which were bought together with three car parking lots for a total of $9.5 million.

Richmond Cityscope

The latest research from Richmond Cityscope shows that both the property sales number and value have decreased in the past three months. Sales recorded in the quarter to May 2022 totaled $82.5 million with 15 sales, a decrease from the $174.5 million with 20 sales recorded in the three months to February 2022 and from the $165.2 million with 16 sales recorded in the three months to November 2021. This data brings the 12-month total to $465.7 million from 63 sales, a significant increase from the $115.9 million from 21 sales recorded for the same time last year.

Notable Sale: 120 Jolimont Road, East Melbourne, an office building of five levels including basement and external parking for 37 cars, plus a rooftop terrace and recreation area. The building built in 1981 has a net lettable area 2,759 sqm on a 1,049 sqm site, was bought for $25 million.

Southbank Cityscope

The latest research from Southbank Cityscope shows both the property sales volume and sales values have increased in the past three months. Sales recorded in the quarter to May 2022 totalled $244.2 million, an increase from the $155.3 million recorded in the three months to February 2022 but a decrease from the $361.5 million recorded in the three months to November 2021. This data brings the 12 month total of over $1.147 billion, a slight increase from the $1.011 billion recorded the same time last year.

Notable Sale: 151 Sturt Street, South Melbourne, a two-storey former warehouse converted to office use with a floor area of 1,890 sqm. Refurbished in 1973, in the late 1980s and partly refurbished in 1995. An internal refurbishment and a new facade were completed in 2004. There are 54 car spaces including 32 undercover and 22 along the northern side of the property on a 2,718 sqm block with a second frontage at 86-90 Dodds Street, which was bought as a development site for $26.5 million in an off-market deal through Tomassi & Co – South Melbourne.

QLD

Brisbane Cityscope

The latest research from Brisbane Cityscope shows in the last three months sales figures have significantly decreased. The last three months to the beginning of May 2022 recorded 5 sales for a total of just $7.9 million, with $5.4 million for commercial strata, $2.5 for retail strata. In comparison, the last three months to the beginning of February 2022 recorded 18 sales for a total of $654.4 million, with $601.2 million for commercial, $16.9 million for commercial strata, $6.3 million for retail strata and $30 million for other. The 12 months leading up to the beginning of May 2022 recorded 63 sales for a total of over $1.7 billion, more than $1.13 billion higher than the recorded figure for the same time period the year before.

Notable Sale: The entire third floor of 344 Queen Street was bought for $2.465 million by Xton Investments Pty Ltd through Sai Real Estate Group. The floor last sold in 2020 for $1.87 million.

Brisbane Fringe Cityscope

The latest research from Brisbane Fringe Cityscope shows in the last three months property sale figures have significantly increased. The last three months to the beginning of May 2022 recorded 36 sales for a total of $486.1 million, with $434.4 million for commercial, $23.7 million for commercial strata, $1.7 million for retail, $5.8 million for retail strata and $20.5 million for other. In comparison, the last three months to the beginning of February 2022 recorded 42 sales for a total of $281.4 million, with $103.5 million for commercial, $13 million for commercial strata, $7.8 million for retail, $9 million for retail strata and $148 million for other. The 12 months leading up to early May 2022 recorded 124 sales for a total of $1.0045 billion, $691.2 million less than the same time last year.

Notable Sale: Milton Green Office Complex - comprising 6 Little Cribb Street, 24 Little Cribb Street, 30 Little Cribb Street, 23 Cribb Street, 47 Cribb Street, 135 Coronation Drive, 139 Coronation Drive, 143 Coronation Drive, 147 Coronation Drive, 17 Little Cribb Street and 18 Little Cribb Street - has been purchased for $426,525,988 by Shayher Properties Pty Ltd as trustee for Lin Brothers Trust. The complex was advertised with a potential fully leased net income of $31 million. Paul Noonan, Seb Turnbull and Kate Low of JLL Brisbane negotiated the sale.

Brisbane South Cityscope

The latest research from Brisbane South Cityscope shows property sale numbers and figures have decreased in the past three months. The last three months to the end of May 2022 recorded 3 sales for a total of over $11.4 million; with $6.4 million for commercial and $5.5 million for retail.  In comparison, the three months to the end of February 2022 recorded 16 sales for a total of over $185.5 million; with $29.2 million for commercial, $2.5 million for commercial strata, $22.4 million for retail, and $73.6 million for retail strata and $55.5 million for other. The 12 months leading up to the end of May 2022 recorded 44 sales for a total of over $335.5 million, over $234.2 million higher than the recorded figure for the same time period the year before.

Notable Sale: Following an expressions of interest campaign which closed late February, 28 Beesley Street, West End, has been purchased for $6.21 million. The single-storey building sits on a 1,648 sqm site and was sold through Sam Callanan and Joe Kennedy of C Property Qld.

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