Latest Cityscope News - October 2022

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to October 2022 have increased in terms of total value. Sales recorded in the most recent quarter totalled $945.6 million from 35 sales, as compared to the $376.7 million from 35 sales in the quarter to July 2022 and an increase from the $156.5 million from 25 sales recorded in the quarter to April 2022. This quarter brings the twelve-month total value of sales to $3.749 billion from 164 sales, a significant increase from the $1.104 billion from 138 sales recorded for the previous year.

Notable Sale: 73 Miller Street, North Sydney, a 12-storey commercial building of 19,062 sqm with ground floor retail, a restaurant and two levels of basement car parking for 159 cars; completed in 1990, which was bought for $400 million plus through Knight Frank (Sydney) and JLL – Sydney.

Pyrmont/Ultimo Cityscope

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value have increased in the past three months. Sales recorded in the quarter to October 2022 totalled 147.3 million from 23 sakes, compared to the $67.1 million from 40 sales recorded in the previous quarter but a decrease compared to the $282.5 million from 22 sales recorded in the quarter to April 2022. This data brings the twelve-month total to $594.5 million from 122 sales, an increase from the previous twelve-month total of $447.8 million from 98 sales.

Notable Sale: Optus Ultimo Data Centre at 549 Harris Street, Ultimo, a 5,604 sqm, four-storey commercial building with ground floor parking, converted from a warehouse building in 2000, which was bought for $56 million through JLL Sydney and CBRE Sydney.

Eastern Sydney Cityscope

The latest research from Eastern Sydney Cityscope shows commercial property sales values have increased in the past three months. Sales recorded in the quarter to October 2022 totalled $219.7 million from 26 sales, an increase from the $120.6 million from 32 sales recorded in the quarter to July 2022 and from the $197.3 million from 25 sales recorded in the quarter to April 2022.  This data brings the 12 month total to $781.3 million, a decrease from the $866 million recorded the same time last year.

Notable Sale: The Reservoir on Crown, 285-285A Crown Street, Surry Hills, a three-storey commercial building with underground parking for 15 cars. Originally the administrative headquarters of The Metropolitan Water, Sewerage and Drainage Board, now Sydney Water Corporation, constructed in the 1950s and re-developed in 2009 by Mirvac, with a total net lettable area of 4,728 sqm, was bought for $116.2 million through JLL Sydney and Knight Frank 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 October 2022 recorded 204 sales for a total of $403.1 million, a decrease from the 186 sales for a total of $523.3 million recorded in the quarter to July 2022 and a decrease from the 225 sales for a total of $794.1 million recorded in the quarter to April 2022. The 12 months leading up to October 2022 recorded 826 sales for a total of $2.45 billion, a decrease from the 1,125 sales for a total of $2.717 billion, for the same time period the year before.

Notable Sale: Lot 68, known as Unit 7602, at One Barangaroo Crown Residences, 1 Barangaroo Avenue, Barangaroo, an east and south facing 244 sqm residential apartment including a covered terrace on level 76 with a 30 sqm car space for 2 cars and a storage area of 5 sqm, all on basement level 2, which was bought for $20.3 million.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to October 2022 have increased in terms of total value. For the three months to October 2022, a total value of $30.1 million was recorded from 26 sales, an increase compared to the total value of $17 million from 16 sales in the three months to July 2022 and an increase compared to the total value of $21.3 million from 13 sales in the three months to April 2022. This data brings the 12-month total to $116.7 million, a large decrease from the $605.1 million recorded the same time last year.

Notable Sale: Lot 5, known as Suite 106, in the Lakeside Corporate Centre at 29-31 Solent Circuit, Norwest, comprising 381 sqm on level 1 and 191 sqm of parking on the ground floor and car park level 1, which sold for $2.775 million through Norwest Commercial & Industrial - Baulkham Hills.

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 October 2022 totalled $124.3 million from 139 sales, compared to the $148.9 million from 207 sales recorded in the previous quarter and a decrease from the $236 million from 154 sales recorded in three months to April 2022. This data brings the 12-month total to $682.5 million from 650 sales, a decrease from the $777.5 million from 698 sales recorded over the previous year.

Notable Sale: 31 Queens Road, Melbourne, a 2,323 sqm block of vacant land, approved for the construction of a 15- storey building comprising 142 residential apartments, three basement levels of parking for 178 cars, 60 bicycle spaces and 155 storage units, communal facilities on the ground floor, gym, pool and spa, cinema, lounge and games room, a private dining room and rooftop terrace, which was bought as a development site for about $30 million through Vinci Carbone Property and Gross Waddell.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has decreased with 13 sales for a total of $8.2 million for the quarter to October 2022, compared to the 10 sales at a total value of $10 million for the previous quarter and a huge decrease from the 11 sales at a total value of $161.6 million for the quarter to April 2022. This brings the 12-month total of over $625.1 million from 43 sales, a large decrease from the over $1.321 billion from 23 sales for the previous year.

Notable Sale: Unit 16, 28 Newquay Promenade, also known as tenancies 16 and 17, a ground floor retail area of 311 sqm at 24-42 Newquay Promenade which consists of a series of integrated residential apartment buildings known as The Palladio, The Boyd and Sant’ Elia, based on a podium covering the whole site with ground floor retail, which was bought for $1.63 million.

Eastern Melbourne Cityscope

The latest research from Eastern Melbourne Cityscope shows property sales have significantly decreased in the past three months in total sale value. Sales recorded in the quarter ending October 2022 totalled $12.4 million from 18 sales compared to the $215.6 million from 31 sales in the quarter ending July 2022 and from the $42.7 million from 23 sales in the quarter ending April 2022. This data brings the 12-month total to $421.7 million which shows a decrease compared with the $518.1 million recorded over the same period of the previous year.

Notable Sale: Lot 22 (known as Suite 14) in Glassworks, 23-25 Gipps Street, Collingwood, comprising ground level open plan office/showroom of 167 sqm and an interconnected warehouse of 172 sqm on lower level plus 4 undercover onsite car spaces, which was bought for $1.6 million through Xynergy Commercial Melbourne.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in both sales value and volume has increased in the past three months. Sales recorded in the quarter to October 2022 totalled $160.1 million from 29 sales, an increase compared to the $60.7 million from 22 sales in the three months to July 2022 but a decrease compared to the $275.8 million from 34 sales in the three months to April 2022. This data brings the twelve-month total to $642.4 million from 120 sales, a decrease from the previous twelve-month total of $857 million from 81 sales.

Notable Sale: Stillwell House at 99 Gawler Place, a B-grade building of 16 levels including basement, built and opened in 1984. The building has a net lettable area of 11,158 sqm with typical floor plate of 800 sqm, refurbished in 2000 and 2016, which was bought for $70 million at an initial yield of about 6% through Colliers Adelaide.

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