Latest Cityscope News - June 2022

NSW

South Sydney Cityscope

The latest research from South Sydney Cityscope shows property sales value for the quarter to June 2022 has increased dramatically. Sales recorded in the most recent quarter totalled $648.1 million from 44 sales, as compared to the $83.2 million from 35 sales in the quarter to March 2022 with a decrease from the $1.093 billion from 43 sales in the quarter to December 2021. This quarter brings the twelve-month total value of sales to $2.365 billion from 178 sales, a large increase from the $1.378 billion from 134 sales recorded for the previous year.

Notable Sale: Homemaker Centre Alexandria, 49 O’Riordan Street, Alexandria (SS8.8), a bulky goods centre with parking for 770 cars, 3 levels including the car park, completed late 2004 and winner of the MBA Excellence in Construction Award for the best adaptive reuse of an existing building in 2005. With a total building area of 22,481 sqm it was bought for circa $200 million.

Parramatta Cityscope

The latest research from Parramatta Cityscope shows sales have decreased in terms of both sales value and sales volume. In the quarter to June 2022, there were 10 sales at a total value of $145.3 million, compared to the 13 sales at a total value of $211.3 million in the previous quarter and 13 sales at a total value of $248.9 million in the quarter to December 2021. The 12-monthly sales value has increased, with 58 sales at a total value of $696 million for the year to June 2022, compared to the 61 sales at a total value of $262.7 million for the previous year.

Notable Sale: 20 Smith Street, Parramatta (PM15.12C), a 12-storey office building with parking for 182 cars to George Street, with a net lettable area of 7,349 sqm and typical floor area of 896 sqm, which was bought for $87.251 million.

Chatswood Cityscope

The latest research from Chatswood Cityscope shows that commercial property sales in the areas covered by it have increased in both total sales and value from the preceding quarter. For the quarter to June 2022 there were 18 sales at a total value of $291.3 million, compared to the 13 sales at a total value of $40.3 million for the previous quarter. The yearly figure has increased, with 69 sales at a total value of $544.1 million for the twelve months to June 2022, compared to the 67 sales at a total value of $254.9 million for the previous year. The substantial increase in sales value in the current quarter was mainly due to the transaction of Zenith Centre Tower A at 821 Pacific Highway, Chatswood at over $244 million.

Notable Sale: Zenith Centre Tower A at 821 Pacific Highway, Chatswood, a 21-storey building with ground floor retail space which is part of the Zenith Centre - a twin tower A-grade office complex completed in 1987 with a total net lettable area of 44,300 sqm and are connected by a pavilion built in 1991 and includes the Zenith Theatre, a 250-seat community theatre to McIntosh Street. The property was transferred between the Trustee Evolution MIT Services Pty Ltd, at more than $244 million.

Newcastle Cityscope

The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have decreased in both total sales value and sale number. For the quarter to June 2022, there were 24 sales at a total value of $45.6 million, compared to the 28 sales at a total value of $114.7 million in the quarter to March 2022 and the 26 sales at a total value of $59.8 million in the quarter to December 2021. This latest data brings the total sales value in Newcastle Cityscope to $580 million for the year, a large increase from the $173.4million recorded the same time last year.

Notable Sale: 6-8 Throsby Street, Wickham, a single-storey workshop and office with a high-clearance carport and loading dock to the eastern side and a paved area used for parking to Dickson Street and an unpaved area used primarily for storage, on a block of 637 sqm land; 2 Throsby Street, Wickham, a single-storey brick showroom with a paved area to the rear used for storage, on a block of 609 sqm and 66 Hannell Street, Wickham a single-storey brick warehouse with an office to Dickson Street and two loading docks to Hannell and Dickson Streets, with a building area of 640 sqm on a site of 727 sqm, which were bought together for $5.6 million.

ACT

Canberra Cityscope

The latest research from Canberra Cityscope shows both property sales volume and value have decreased in the past three months. Sales recorded in the quarter to June 2022 totalled $149.6 million from 26 sales, a decrease compared to the $282.2 million from 29 sales in the quarter to March 2022, and $402.1 million from 37 sales recorded in the quarter to December 2021. The data brings the 12-month total close to $1.081 billion, a significant increase from the $545.2 million recorded the same time last year.

Notable Sale: Pacific Suites Canberra (CA16.3) at 98-100 Northbourne Avenue, Braddon, an 8 level building containing 152 residential suites of one and two bedrooms, each with a balcony and 2 levels of underground basement parking for 256 cars, which was bought for $60 million.

VIC

Melbourne Cityscope

The latest research from Melbourne Cityscope shows that commercial property sales value has significantly increased in the past three months. Sales recorded in the quarter ending June 2022 totalled $934.5 million from 41 sales, compared to the $96.9 million from 51 sales recorded in the previous quarter and the $830.1 million from 56 sales recorded in the quarter ending December 2021. This data brings the 12-month total of $2.396 billion from 199 sales, a decrease from the previous 12-month total of more than $2.772 billion from 182 sales.

Notable Sale: 120 Spencer Street, Melbourne (ML26.14), a 23-storey office building with an approximately 300-space, 2-level basement car park, completed in 1973 and was used by Melbourne Water as its head office for 67 years. Facade and cladding were repaired during 1974 to 1977 and various alteration and refurbishment of the building occurred between 1967 and 2010. The building has a total area about 32,000 sqm on a site of 2,915 sqm, which was bought for $325 million in a deal handled by Cushman & Wakefield Melbourne and CBRE Melbourne.

WA

Perth Cityscope

The latest research from Perth Cityscope shows property sale numbers and figures have significantly decreased. The last three months to the beginning of June 2022 recorded 17 sales for a total of over $17 million; with $14.9 million for commercial, $1.6 million for commercial strata and $1 million for retail strata. In comparison, the three months to the beginning of March 2022 recorded 39 sales for a total of over $202.6 million; with $6 million for commercial, $19.1 million for commercial strata, $69.1 million for retail, and $17.4 million for retail strata and $90.9 million for other. The 12 months leading up to the beginning of June 2022 recorded 96 sales for a total of over $765.7 million, over $200.5 million higher than the recorded figure for the same time period the year before.

Notable Sale: 8-12 Richardson Street, West Perth was purchased for $13.1 million by a company associated with private fund manager, Australian Capital Development. The three-storey office building was refurbished in 2021 and comprises 2,345 sqm of space, at-grade car parking for around 50 vehicles and end of trip facilities. It last traded in 1996 for just over $4.68 million.

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