Cityscope News - November 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 November 2023 have decreased from the preceding quarter. There were 32 sales recorded for the most recent quarter with a total value of about $144.3 million, as compared to the 47 sales for a total of $1.2 billion for the quarter ending August 2023 and the 86 sales for a total of $1.219 billion for the quarter ending May 2023. For the year ending November 2023, there were 212 sales recorded for a total of $3.528 billion, compared to the 325 sales for a total of about $7.579 billion for the year ending November 2022.

Notable Sale: 372-382A Pitt Street, Sydney, a 3-storey building with a net lettable area of 870 sqm; 376 Pitt Street, Sydney, a 3-storey building with a net lettable area of 326 sqm; 378 Pitt Street, Sydney, a 3-storey building; 380 Pitt Street, Sydney, a three-storey building; 382 Pitt Street, Sydney, a 3-storey building and 382A Pitt Street, Sydney, a three-storey building, with a combined site area of 954 sqm, which were bought together as a development site for $99.35 million through CBRE  Hotels and Knight Frank (Sydney).

Macquarie Park Cityscope

The latest research from Macquarie Park Cityscope shows that commercial property sales have increased in value in the past three months. Sales recorded in the quarter to November 2023 totalled $272 million from 5 sales (total sale included the combined $109 million of Courtyard Marriott Macquarie Park and Novotel Sydney Parramatta), an increase compared to the $19.8 million from 12 sales in the previous quarter, and the $31.7 million from 11 sales in the quarter to May 2023.This data brings the twelve-month total $479.2 million from 33 sales, a decrease from the previous twelve-month total over $1.607 billion from 61 sales.

Notable Sale: 410 Concord Road, Rhodes, a four-storey commercial building with a north and a south wing and a three-storey carpark, on a large landscaped site of a 34,670 sqm block, which was sold for more than $153 million.

VIC

Southbank Cityscope

The latest research from Southbank Cityscope shows property sales value has decreased in the past three months. Sales recorded in the quarter to November 2023 totalled $254.5 million from 360 sales, a slight decrease compared to the $255.3 million from 299 sales recorded in the previous quarter and an increase from the $205.1 million from 293 sales recorded in the quarter to May 2023. This latest data brings the total yearly sales value to $1.254 billion, an increase from the $1.198 billion recorded the same time last year.

Notable Sale: The site of the Boyd Village development, 132-136 Kavanagh Street, Southbank, to be a tower of 42-storeys containing 434 build to rent apartments, 40 affordable rental dwellings and 1,000 sqm of community space over 2 levels, on a site of 1,834 sqm, was bought by two of the development partners for $18.15 million.

Burke Road Cityscope

The latest research from Burke Road Cityscope shows commercial property sales value has increased in the quarter to November 2023. The latest quarter recorded $11.3 million from 4 sales, compared to the $8.1 million from 4 sales recorded in the previous quarter and an increase compared to the $8 million from 5 sales recorded in the quarter to May 2023. This latest data brings the total yearly sales value to $34.4 million, a large decrease from the $202.0 million recorded the same time last year.

Notable Sale: 681 Burke Road, Camberwell, a two-storey brick building, with parking for about 12 cars on paved land at the rear of the property, a net lettable area of 660 sqm and site area of 748 sqm, which was bought for $4.85 million through Gorman Commercial - Hawthorn East.

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 November 2023 totalled $22.8 million from 8 sales, compared to the $20.4 million from 6 sales in the quarter to August 2023 and the $17.5 million from 4 sales in the three months to May 2023. This data brings the 12-month total to $71.6 million from 22 sales, a decrease from the previous 12-month total of $140.7 million from 28 sales.

Notable Sale: 643-645 Chapel Street, South Yarra, a 2-storey warehouse with a ground level showroom and a site area of 527 sqm, bought for $7.1 million.

Richmond Cityscope

The latest research from Richmond Cityscope shows that the property sales value has increased in the past three months. Sales recorded in the quarter to November 2023 totaled $63.4 million with 17 sales, an increase from the $42.9 million with 21 sales recorded in the three months to August 2023 and the $61.7 million from 9 sales recorded in the three months to May 2023. This data brings the 12-month total to $273.3 million from 64 sales, a decrease from the $590.4 million from 65 sales recorded for the same time last year.

Notable Sale: Lot 1, known as 294 Swan Street, Richmond, a Red Rooster outlet on the corner of Swan and Harvey Streets and Lot 2, known as 298 Swan Street, Richmond, a Blockbuster outlet on the corner of Swan and Mary Streets, both with four car spaces to Swan Street, which were bought as a development site with 195 Mary Street (not covered by Richmond Cityscope) for $14.7 million through JLL – Melbourne.

Melbourne Units Cityscope

Sales recorded for Melbourne Units Cityscope for the three months to November 2023 totalled $336.9 million from 552 sales, a decrease compared to the $704.6 million from 779 sales recorded in the previous quarter and the $574 million from 602 sales recorded in the three months to May 2023. The latest data brings the twelve-month sales total to over $1.893 billion, an increase from the previous twelve months, which recorded sales of over $1.395 billion.

Notable Sale: Unit 1005A, 35 Spring Street, a residential apartment with two balconies both facing north east on level 10 including two car park spaces on basement level 2 and a storage area on level 8, bought for $5 million.

QLD

Brisbane Cityscope

The latest research from the Brisbane Cityscope shows property sale figures have increased over the past three months. Sales recorded in the three months to ¬November 2023 recorded 12 sales for a total of $202 million. Of this, $41.8 million was for commercial, $4.8 million was for commercial strata, $148.1 million was for retail and $7.3 million was for retail strata. In comparison, the three months to August 2023 recorded 11 sales for a total of $157.9 million. Of this, $88.6 million was for commercial, $9.4 million was for commercial strata, $11 million was for retail and $48.8 million was for other. The latest data raises the 12-month total to over $761.8 million, $951.5 million lower than the previous 12-month period.

Notable Sale: Broadway On Adelaide, at 170 Queen Street, an 11,420 sqm shopping mall over 4-storeys. Refurbished in 2016 while keeping 2 facades of heritage listed buildings on the Adelaide Street frontage. Retail stores cover the entire lower-ground, ground and first floor with commercial office space on the second floor. Bought for $145 million by UT Queen 170 Pty Ltd as trustee for UT Queen 170 Trust through JLL’s Retail Investments Australia (Nick Willis and Sam Hatcher).

Brisbane Fringe Cityscope

The latest research from the Brisbane Fringe Cityscope shows property sale figures have decreased over the past three months. Sales recorded in the three months to ¬November 2023 recorded 22 sales for a total of $55.1 million. Of this, $7.1 million was for commercial, $15.3 million was for commercial strata, $4.1 million was for retail strata and $28.1 million was for other. In comparison, the three months to August 2023 recorded 23 sales for a total of $161 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 $110.9 million was for other. The latest data raises the 12-month total to over $421.1 million, $647.4 million lower than the previous 12-month period.

Notable Sale: Ovolo Inchcolm Hotel & Suites at 73 Wickham Terrace, Spring Hill, a five-storey plus basement five-star hotel originally built in 1930 with a major refurbishment completed in 2014 adding on an extra 2 storeys of hotel rooms over the now 2,127 sqm with a site area of 586 sqm, bought for $22.3 million by Invictus Pacific Alpha Management Pty Ltd as trustee for WTH Trust through CBRE Brisbane (Wayne Bunz and Steve Carroll).

Brisbane South Cityscope

The latest research from the Brisbane South Cityscope shows property sale figures have increased over the past three months. Sales recorded in the three months to November 2023 recorded 8 sales for a total of $10.8 million. Of this, $1.3 million was for commercial strata, $5 million was for retail and $1.4 million was for retail strata. In comparison, 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. The latest data raises the 12-month total to over $48.4 million, $316.5 million lower than the previous 12-month period.

Notable Sale: 349 Montague Road, West End, an 840 sqm office and warehouse building over a ground-floor space and mezzanine level plus 7 on-site car parking which sold for $3.55 million to Tianfan Pty Ltd as trustee for Chouchuang1 Family Trust. An initial yield of 6.9% on a net passing income of $245,000 was included in the sale through First National Commercial.

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