Latest Cityscope News - April 2023

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to April 2023 have increased significantly in terms of total value. Sales recorded in the most recent quarter totalled $599.6 million from 26 sales, as compared to the $124.7 million from 40 sales in the quarter to January 2023 but a decrease from the $941.4 million from 34 sales recorded in the quarter to October 2022. This quarter brings the twelve-month total value of sales to $2.0421 billion from 135 sales, a decrease from the $2.8136 billion from 161 sales recorded for the previous year.

Notable Sale: 141 Walker Street, North Sydney, a 24-storey office building completed in 1987; lobby and retail podium were refurbished in 2006. The building comprises basement parking for 209 cars, landscaped terrace and forecourt, ground and upper ground level shops and restaurants and 22 floors of offices. It has a net lettable area of 22,745 sqm and was bought for $350 million.

Pyrmont/Ultimo Cityscope

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value have decreased in the past three months. Sales recorded in the quarter to April 2023 totalled $27.9 million from 12 sales, compared to the $178.6 million from 19 sales recorded in the previous quarter and the $149.5 million from 24 sales recorded in the quarter to October 2022. This data brings the twelve-month total to $423.1 million from 95 sales, a decrease from the previous twelve-month total of $720.4 million from 117 sales.

Notable Sale: Suite 136 at Jones Bay Wharf, 26-32 Pirrama Road, Pyrmont, a 444 sqm office suite comprising a 345 sqm area on level 4 and a 99 sqm area plus 220 sqm terrace on level 5, which was bought with two car spaces for $6.4 million through Colliers 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 April 2023 totalled $222.9 million from 27 sales, a decrease from the $282.4 million from 20 sales recorded in the quarter to January 2023 but a slight increase from the $221.6 million from 27 sales recorded in the quarter to October 2022. This data brings the 12-month total to $847.5 million, a decrease from the $1.022 billion recorded the same time last year.

Notable Sale: Peejays Building at 52 Williams Street, Woolloomooloo, a nine-storey inter-war functionalist style office building, with 19 security car spaces to the rear; built in 1941 with a net lettable area of 5,508 sqm and typical floor plates of 639 sqm, was bought for $102.3 million.

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 April 2023 recorded 82 sales for a total of $124.6 million, a decrease from the 194 sales for a total of $319.3 million recorded in the quarter to January 2023 and a decrease from the 204 sales for a total of $403.1 million recorded in the quarter to October 2022.  The 12 months leading up to April 2023 recorded 666 sales for a total of $1.37 billion, a decrease from the 1,344 sales for a total of $3.897 billion, for the same time period the year before.

Notable Sale: Lot 101, known as Unit 2202, at King & Phillip Residences, 160 King Street, Sydney, a 171 sqm residential apartment including a south and west facing balcony on level 22 with a 30 sqm car space for 2 cars on basement level 4, which was bought for $7.1 million through CBRE Residential Projects.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to April 2023 have decreased in terms of total value. For the three months to April 2023, a total value of $16.4 million was recorded from 14 sales, a decrease compared to the total value of $31.3 million from 28 sales in the three months to January 2023 and to the total value of $30.1 million from 26 sales in the three months to October 2022. This data brings the 12-month total to $94.8 million, a large decrease from the $606.9 million recorded the same time last year.

Notable Sale: Lot 5 (known as unit H145) in Lexington Corporate at 24-32 Lexington Drive, Bella Vista, comprising 365 sqm in Building H on the ground level and 81 sqm of parking on the ground level (car park level 2), which sold for $2.305 million through First National Commercial Hills Central.

VIC

St Kilda Road Cityscope

The latest research from St Kilda Road Cityscope shows property sales’ value and the number of sales have increased in the past three months. Sales recorded in the three months to April 2023 totalled $143.3 million from 170 sales, compared to the $124.3 million from 159 sales recorded in the previous quarter and the $124.3 million from 139 sales recorded in the three months to October 2022.  This data brings the 12-month total to $540.9 million from 675 sales, a decrease from the $973.1 million from 760 sales recorded over the previous year.

Notable Sale: Unit 11 at 150 Albert Road, South Melbourne, a 530 sqm office suite on level three of the 6-storey office building, built in 1991 and subdivided in 1992. The unit was refurbished in 1994, which was bought with 15 car spaces for $3.52 million through Thompson May Commercial Blackburn.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has increased with 11 sales for a total of $4.6 million for the quarter to April 2023, compared to the 5 sales at a total value of $3.2 million for the previous quarter but a decrease from the 13 sales at a total value of $8.2 million for the quarter to October 2022. This brings the 12-month total of over $26 million from 39 sales, a large decrease from the over $1.866 billion from 34 sales for the previous year.

Notable Sale: Lot AA3AT11 known as Suite 411 and Lot AA3AT12 known as Suite 412 at Victoria Point, 100 Harbour Esplanade, two commercial office suites on level 4 (concourse level) of the main tower building, which were bought with two car spaces for more than  $1.139 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 April 2023 totalled $85.4 million from 27 sales compared to the $340.4 million from 26 sales in the quarter ending January 2023 but an increase from the $12.4 million from 18 sales in the quarter ending October 2022. This data brings the 12-month total to $653.8 million, which shows a slight increase compared with the $576.2 million recorded over the same period of the previous year.

Notable Sale: 436 Elgar Road, Box Hill, a concrete and mirrored-glass office building of five levels with three levels of office space above two levels of basement car parking for 197 cars. The property with a net lettable area 5,725 sqm on a 2,650 sqm block, was completed in 1988 and refurbished in 2001, which was bought for over $40.319 million.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in sales value has decreased in the past three months. Sales recorded in the quarter ending April 2023 totalled $119.1 million from 14 sales, a decrease compared to the $281.7 million from 15 sales in the three months ending January 2023 and $159.5 million from 29 sales in the three months ending October 2022. This data brings the twelve-month total to $621 million from 80 sales, a decrease from the previous twelve-month total of $1.02 billion from 116 sales.

Notable Sale: 45 Pirie Street, an office building of 19 levels including two basement levels, completed in 1989. There is an underground car park with 71 spaces and a paved yard to Gawler Place, partly used for parking about 10 cars. Net lettable area is 19,855 sqm and typical upper level floor plates are about 1,115 sqm, which was bought for $76 million.

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