Cityscope News - August 2023

NSW

Sydney Cityscope

The latest research from Sydney Cityscope shows that Sydney CBD commercial property for both sales value and sales volume for the three months ending August 2023 have decreased from the preceding quarter. There were 47 sales recorded for the most recent quarter with a total value of about $1.19 billion, as compared to the 86 sales for a total of $1.26 billion for the quarter ending May 2023 and the 47 sales for a total of $962 million for the quarter ending February 2023. For the year ending August 2023, there were 300 sales recorded for a total of $4.65 billion, compared to the 287 sales for a total of about $7.95 billion for the year ending August 2022.

Notable Sale: 44 Market Street, Sydney, a 26-floor A-grade office block plus three plant floors and four basement levels for 128 car parking, completed in 1978 and last refurbished in 2019. It has a gross floor area of 34,070 sqm and net lettable area of 30,694 sqm comprising office space of 28,794 sqm and retail space of 1,904 sqm, which was bought for $393.1 million and the sale represented an initial yield of 6.19% on a passing income of $24,334,133 (n).

Macquarie Park Cityscope

The latest research from Macquarie Park Cityscope shows that commercial property sales have decreased in value in the past three months. Sales recorded in the quarter to August 2023 totalled $19.8 million from 12 sales, a decrease compared to the $31.7 million from 11 sales in the previous quarter, and the $155.6 million from 5 sales in the quarter to February 2023. This data brings the twelve-month total $498.5 million from 43 sales, a decrease from the previous twelve-month total over $1.346 billion from 59 sales.

Notable Sale: 363 Victoria Road, Gladesville, a 2-storey brick and concrete factory building with offices and warehouses to the rear, and an electricity substation at Westminster Road, with a combined site area of 1,688 sqm, which were sold together for $10 million through CBRE Sydney.

VIC

Southbank Cityscope

The latest research from Southbank Cityscope shows property sales value has increased in the past three months. Sales recorded in the quarter to August 2023 totalled $238.1 million from 300 sales, an increase compared to the $205.1 million from 293 sales recorded in the previous quarter and a decrease from the $539.1 million from 689 sales recorded in the quarter to February 2023.This latest data brings the total yearly sales value to close to $1.237 billion, a decrease from the $1.308 billion recorded the same time last year.

Notable Sale: 335-345 City Road, Southbank, a one and 2-storey concrete office building with attached warehouse containing parking for approximately 12 cars, on a site of 903 sqm with a building area of 990 sqm, was bought as a development site for $8 million through Lemon Baxter.

Burke Road Cityscope

The latest research from Burke Road Cityscope shows commercial property sales value have slightly increased in the quarter to August 2023. The latest quarter recorded $8.1 million from 4 sales, compared to the $8 million from 5 sales recorded in the previous quarter and an increase compared to the $7 million from 2 sales recorded in the quarter to February 2023. This latest data brings the total yearly sales value to $47.7 million, a decrease from the $211.4 million recorded the same time last year.

Notable Sale: 684 Burke Road, Camberwell, an older two-storey brick building with decorations on an agricultural theme, built 1895 with a building area of 191 sqm, plus a double garage at the rear, which was bought for $2.51 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 August 2023 totalled $20.4 million from 6 sales, compared to the $17.5 million from 4 sales in the quarter to May 2023 and the $11 million from 4 sales in the three months to February 2023. This data brings the 12-month total to $85.7 million from 22 sales, a decrease from the previous 12-month total of $142.6 million from 27 sales.

Notable Sale: 155-161 Toorak Road, South Yarra, a brick building, three and two storeys to Toorak Road and four and three storeys to the rear, with two retail outlets to Toorak Road, offices above with parking space for around 12 cars and a site area of 590 sqm, bought for $7 million.

Richmond Cityscope

The latest research from Richmond Cityscope shows that the property sales value have decreased in the past three months. Sales recorded in the quarter to August 2023 totaled $44.3 million with 21 sales, a decrease from the $61.7 million with 9 sales recorded in the three months to May 2023 and the $105.2 million from 17 sales recorded in the three months to February 2023. This data brings the 12-month total to $334.7million from 57 sales, a decrease from the $632 million from 71 sales recorded for the same time last year.

Notable Sale: 5-7 Rooney Street, Richmond, a single-storey brick high-clearance warehouse with a single-storey high-clearance corrugated iron extension to the south on a site area of 1,147 sqm, which was bought for $4.9 million through Aston Commercial – Melbourne.

Melbourne Units Cityscope

Sales recorded for Melbourne Units Cityscope for the three months to August 2023 totalled $709.4 million from 780 sales, an increase compared to the $574 million from 602 sales recorded in the previous quarter and the $277.9 million from 473 sales recorded in the three months to February 2023. This current quarter data includes sales of apartments in the new strata building at Sapphire By The Gardens, 310-326 Exhibition Street. The latest data brings the twelve-month sales total to over $1.885 billion, an increase from the previous twelve months, which recorded sales of over $1.546 billion.

Notable Sale: Nineteen units in Sapphire By The Gardens, 310-326 Exhibition Street, being units 1202, 1203, 1304, 1305, 1404,1406, 1503, 1604, 1606, 1706, 1904, 1905, 1906, 2003, 2005, 2303, 2306, 2402 and 3002, on various levels in the 60-storey apartment building, were bought together for over $15.432 million.

QLD

Brisbane Cityscope

The latest research from the Brisbane Cityscope shows property sale figures have increased majorly over the past three months. Sales recorded in the three months to ¬August 2023 recorded 11 sales for a total of $157.9 million. Of this, $88.6 million was for commercial buildings, $9.4 million was for commercial strata, $11 million was for retail and $48.8 million was for a development site sale.  In comparison, the three months to May 2023 recorded 2 sales for a total of $1.6 million. Of this, $1.6 million was for commercial strata. The latest data raises the 12-month total to over $931.8 million, $716.8 million lower than the previous 12-month period.

Notable Sale: A 50% interest in 205 North Quay development at 205-215 North Quay, Brisbane, a 39-storey commercial and retail tower development on the 2,963 sqm site. Three levels of basement parking for 116 vehicles with 3-level podium will be featured in the development; which was bought for more than $48.8 million.

Brisbane Fringe Cityscope

The latest research from Brisbane Fringe Cityscope shows property sale figures have increased over the past three months. Sales recorded in the three months to ¬August 2023 recorded 24 sales for a total of $162.7 million. Of this, $15.9 million was for commercial, $8 million was for commercial strata, $21.7 million was for retail, $2.1 million was for retail strata and $112.6 million was for other.  In comparison, the three months to May 2023 recorded 20 sales for a total of $37 million. Of this, $6.5 million was for commercial, $6.7 million was for commercial strata, $1.9 million was for retail, $18.9 million was for retail strata and $3.1 million was for other. The latest data raises the 12-month total to over $531.6 million, $513.5 million lower than the previous 12-month period.

Notable Sale: 10 Light Street, Fortitude Valley,  an old former workshop building, in a dilapidated state and 586 Wickham Street, Fortitude Valley, the Audi & Euromarque Centre, which comprises the original 4-level plus mezzanine Audi Centre to the corner of Wickham Street and Light Street and a 3-level mixed-use building to Wickham Street, were bought together for $98,000,000 by Prestige Group Holdings Pty Ltd through CBRE Brisbane with an initial yield of 6% on a passing net income of $5.88 million.

Brisbane South Cityscope

The latest research from the Brisbane South Cityscope shows property sale figures have decreased over the past three months. Sales recorded in the three months to ­August 2023 recorded 3 sales for a total of $2.2 million. Of this, $0.4 million was for commercial and $1.8 million was for commercial strata. In comparison, the three months to May 2023 recorded 7 sales for a total of $31.3 million. Of this, $6.8 million was for commercial, $6.7 million was for commercial strata and $17.8 million was for other. The latest data raises the 12-month total to over $182.2 million, $126.4 million lower than the previous 12-month period.

Notable Sale: Lot 1 (Unit 9) at W Apartments at 10 Thomas Street, West End, a 295 sqm single-level commercial unit consisting of 225 sqm of office space, an extra 63 sqm courtyard at the eastern side of the building and a 7 sqm courtyard on the southern side of the building on  the entire ground-floor of the building, which sold for $1 million to Micah Projects Ltd through Elders Commercial Brisbane (Ben Hackett and Robert Koster).

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