Latest Cityscope News - July 2022

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to July 2022 have increased in terms of both total value and number. Sales recorded in the most recent quarter totalled $376.7 million from 35 sales, as compared to the $156.5 million from 25 sales in the quarter to April 2022 but a decrease from the $2.271 billion from 69 sales recorded in the quarter to January 2022. This quarter brings the twelve-month total value of sales to $3.029 billion from 162 sales, a significant increase from the $1.127 billion from 127 sales recorded for the previous year.

Notable Sale: 157 Walker Street, North Sydney (NS20.25), a 12-storey office building, with basement parking for 90 cars, completed in 1971, with a net lettable office area of 8,928 sqm, which was bought for $125.5 million.

Pyrmont/Ultimo Cityscope

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value has decreased in the past three months. Sales recorded in the quarter to July 2022 totalled $67.1 million from 40 sales, compared to the $282.5 million from 22 sales recorded in the previous quarter and the $97.1 million from 36 sales in the quarter to January 2022. This data brings the twelve-month total to $560.8 million from 123 sales, an increase from the previous twelve-month total of $403.9 million from 90 sales.

Notable Sale: The retail component within DUO (PU38.11A), 1 Chippendale Way, Chippendale, 1,090 sqm retail space comprising eight external facing shops, on the ground level of the 16-storey residential tower, which was bought for $26.1 million in a deal handled by Colliers International – Sydney.

Eastern Sydney Cityscope

The latest research from Eastern Sydney Cityscope shows commercial property sales values have decreased in the past three months. Sales recorded in the quarter to July 2022 totalled $120.6 million from 32 sales, a decrease from the $197.3 million from 25 sales recorded in the quarter to April 2022 and from the $243.8 million from 50 sales recorded in the quarter to January 2022. This data brings the 12 month total to $806.9 million, an increase from the $710.9 million recorded the same time last year.

Notable Sale: 202-210 Elizabeth Street, Surry Hills (ES49.9), a near to complete hotel development, to be a 6-storey cross laminated timber hotel called the Clancy, comprising 44 rooms, a managers room, outdoor common area and a ground floor retail tenancy, being built at an estimated cost of $3.63m, was bought for circa $30 million through Colliers International Sydney.

Sydney Units Cityscope

The latest research from Sydney Units Cityscope shows that apartment sales in Sydney’s CBD have decreased in total sales value in the last quarter. The last three months to July 2022 recorded 186 sales for a total of $523.3 million, a decrease from the 224 sales for a total of $784.6 million recorded in the quarter to April 2022 and a decrease from the 211 sales for a total of $729.6 million recorded in the quarter to January 2022. The 12 months leading up to July 2022 recorded 939 sales for a total of about $3.499 billion, a large increase from the 905 sales for a total of $1.401 billion, for the same time period the year before.

Notable Sale: Lot 72, known as Unit 7001, at One Barangaroo Crown Residences (SU3B.11.72), 1 Barangaroo Avenue, Barangaroo, a 550 sqm, residential apartment comprising 502 sqm on the entire level 79, including 2 covered terraces, plus a garage of 48 sqm on basement level, with three additional storage units and one car park space, were bought together for $40 million.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to July 2022 have decreased in terms of total value. For the three months to July 2022, a total value of $17 million was recorded from 16 sales, a decrease compared to the total value of $21.3 million from 13 sales in the three months to April 2022 and a decrease compared to the total value of $48.4 million from 23 sales in the three months to January 2022. This data brings the 12-month total to $596.5 million, a large increase from the $120.3 million recorded the same time last year.

Notable Sale: Lot 24, known as Suites A201 to A202, (NW2.1A.24) in Norwest Sky City at 20 Lexington Drive, Bella Vista, comprising 348 sqm on level 2 of the South Tower (Building A) and 182 sqm of parking space on car park level 2 (south), which was bought for $2.5 million through Partner Commercial Property –Norwest.

VIC

St Kilda Road Cityscope

The latest research from St Kilda Road Cityscope shows property sales’ value has decreased in the past three months. Sales recorded in the three months to July 2022 totalled $148.9 million from 207 sales, compared to the total value of $236 million from 154 sales recorded in the previous quarter and the $172.9 million from 149 sales in the quarter to January 2022. This data brings the 12-month total to $917.2 million from 761 sales, an increase from the $717.9 million from 784 sales recorded over the previous year.

Notable Sale: Shop 12RA, known as 519 St Kilda Road at The Chevron, Melbourne, a 9-storey apartment building. Shop 12RA has 120 sqm on the ground level plus 72 sqm outdoor area, which was bought for $3 million at an initial yield of 5.73% through Stonebridge Property Group – Melbourne.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has significantly decreased with 10 sales for a total of $10 million for the quarter to July 2022, compared to the 10 sales at a total value of $156.3 million for the previous quarter and from the 9 sales at a total value of $445.2 million for the quarter to January 2022. This brings the 12-month total of over $614 million from 33 sales, a large decrease from the over $1.327 billion from 22 sales for the previous year.

Notable Sale: Lot 891, known as 891 Collins Street and Lot 893, known as 893A Collins Street, both units on ground and level 1 at 889-897 Collins Street, Docklands which comprises 2 towers of 23-storeys and 29-storeys, North and South Towers with retail and commercial tenancies on ground and level 1, which were bought together for $2.2 million.

Eastern Melbourne Cityscope

The latest research from Eastern Melbourne Cityscope shows property sales have significantly increased in the past three months in total sale value. Sales recorded in the quarter ending July 2022 totalled $215.7 million from 31 sales compared to the $42.7 million from 23 sales in the quarter ending April 2022 and from the $151 million from 30 sales in the quarter ending January 2022. This data brings the 12-month total to $488.7 million which is almost on par with the $486.4 million recorded over the same period of the previous year.

Notable Sale: Three properties in Mulgrave - at 745 Springvale Road, a 2-storey office building with high clearance warehouse space to the rear and more than 300 parking spaces on paved land; at 300 Wellington Road, a two storey mixed-use office and warehouse space, built 1996 which was internally refurbished in July 2005 with gross building area of 3,580 sqm and at 759-767 Springvale Road, two storeys of offices to Springvale Road in front of a large high-clearance warehouse section; built 1999 with parking for 130 cars, which were bought together for $84 million.

QLD

Gold Coast Cityscope

The latest research from Gold Coast Cityscope shows property sale figures have slightly decreased over the past three months. Sales recorded in the three months to June 2022 recorded 62 sales for a total of $171.4 million. Of this, $18.9 million was for commercial, $17.1 million was for commercial strata, $82.1 million was for retail, $19.5 million was for retail strata and $33.8 million was for other. In comparison, the three months to March 2022 recorded 59 sales for a total of $201.9 million. Of this, $37 million was for commercial, $17.3 million was for commercial strata, $10.9 million was for retail, $19.5 million was for retail strata and $117.2 million was for other. The latest data raises the 12-month total to over $829.3 million, $270.2 million higher than the previous 12-month period.

Notable Sale: Benowa Gardens Shopping Centre, a 5,761 sqm single-level shopping centre originally built in 1992, was bought for $60.5 million by Benowa Gardens Holding Pty Ltd as trustee for Benowa Gardens Trust. Peter Tyson of Savills Gold Coast negotiated the sale which represented an initial yield of 5.44% on a passing income of $3,288,208 (net). The site also includes a single-storey building to the corner of Ashmore Road and Benowa Road and car parking for 384 vehicles. It last traded for $40.1 million in early 2020.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in both sales value and volume have decreased in the past three months. Sales recorded in the quarter ending July 2022 totalled $60.7 million from 22 sales, a decrease compared to the $275.8 million from 34 sales in the three months ending April 2022 and $145.8 million from 35 sales in the three months ending January 2022. This data brings the twelve-month total to $768.1 million from 114 sales, a decrease from the previous twelve-month total of $880.8 million from 69 sales.

Notable Sale: The commercial component of the Conservatory on Hindmarsh at 131-139 Grenfell Street including lot 3, level five office space; lot 4, level six office space; lot 5, level seven office space; lot 6, level eight office space and lot 7, level nine office space, total of about 4,020 sqm plus a total of ten car spaces and ten storage units, which was bought for $20.9 million.

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