Latest Cityscope News - February 2023

NSW

Sydney Cityscope

The latest research from Sydney Cityscope shows that Sydney CBD commercial property both sales value and sales volume for the three months ending February 2023 have decreased from the preceding quarter. There were 47 sales recorded for the most recent quarter with a total value of about $962 million, as compared to the 120 sales for a total of $1.237 billion for the quarter ending November 2022 and the 101 sales for a total of $1.798 billion for the quarter ending August 2022. For the year ending February 2023, there were 317 sales recorded for a total of $5.153 billion, compared to the 258 sales for a total of $6.818 billion for the year ending February 2022.

Notable Sale: The future Waldorf Astoria Hotel at 1 Alfred Street, Sydney, a 30-storey five-star hotel currently under construction; located within the One Circular Quay development, will comprise of 220 rooms, a large rooftop bar on level 25 and a double-height presidential suite, which was bought for $575 million.

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 February 2023 totalled $155.6 million from 5 sales, a decrease compared to the $291.4 million from 15 sales in the previous quarter but an increase compared to the $87.4 million from 9 sales recorded in the quarter to August 2022. This data brings the twelve-month total to 600 million from 45 sales, a decrease from the previous twelve-month total close to $1.917 billion from 64 sales.

Notable Sale: CPSA Building at 5 Eden Park Drive, Macquarie Park, a four-storey office/industrial building plus basement parking for 242 cars, completed in 2004. The building with a net lettable area of 11,566 sqm on a site of 9,731 sqm, was bought in an off-market deal for $80.75 million and the sale is expected to settle in March 2023.

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 February 2023 totalled $533.4 million from 683 sales, an increase compared to the $250.5 million from 253 sales recorded in the previous quarter and also from the $506.3 million from 418 sales recorded in the quarter to August 2022. This increase is mainly attributable to the new off-the plan residential sales included in this update which were from FOCUS Melbourne Apartments with frontages at 71-87 City Road and 30-34 Fawkner Street, Southbank, a 50-level apartment tower with approximately 591 apartments, 12 office and retail tenancies and parking for 276 cars, completed in the third quarter of 2022.  This latest data brings the total yearly sales value to $1.516 billion, an increase from the $1.120 billion recorded the same time last year.

Notable Sale: 190 City Road, Southbank, a three-storey glass-fronted office building of concrete construction built in 1987 and refurbished in 1990. The infrastructure of the building was upgraded, including an upgrade of the data centre, additional power generators and new air conditioning facilities at a cost of $2.2 million in 2005. The property, with a net lettable area of 2,485 sqm and ground level car parking for 35 cars on a 2,485 sqm site, was bought as a development site for $27.255 million through Colliers Melbourne and JLL Melbourne.

Burke Road Cityscope

The latest research from Burke Road Cityscope shows sales value has decreased in the quarter to February 2023. In this latest quarter, there were 2 sales at $7 million, compared to the 3 sales at a total value of $23.6 million in the previous quarter. This quarter brings the 12-month total to $182.8 million comprising 18 sales, a large increase compared to the 28 sales at a total value of $89.3 million over the previous year.

Notable Sale: 240 Camberwell Road, Camberwell, a single-storey brick building on a 626 sqm block, with a small paved rear area with parking for five cars, entered from Burke Road. The building was redeveloped into a showroom of about 400 sqm with a glass facade in 1998, which was bought for $6.01 million.

Chapel Street Cityscope

The latest research from Chapel Street Cityscope shows that commercial property has decreased in terms of sales’ value for the past three months. Sales recorded in the quarter to February 2023 totalled $14.2 million from 5 sales, compared to the $25.9 million from 7 sales in the quarter to November 2022 but recorded an increase from the $8.4 million from 5 sales in the three months to August 2022. This data brings the 12-month total to $100.3 million from 23 sales, a decrease from the previous 12-month total of $165.6 million from 35 sales.

Notable Sale: 236 Chapel Street, Prahran, a three-storey brick building of 352 sqm with a ground floor banking chamber, a smaller single-storey section to the rear and a rear yard with space to park 2 cars, was bought for $4.5 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 February 2023 totaled $103.8 million with 17 sales, a decrease from the $123.5 million with 10 sales recorded in the three months to November 2022 and the $209.5 million from 20 sales recorded in the three months to August 2022. This data brings the 12-month total to $519.6 million from 62 sales, an increase from the $421.6 million from 54 sales recorded for the same time last year.

Notable Sale: 289 Wellington Parade South, East Melbourne, a five-storey commercial building with a cafe on ground, car parking for 58 vehicles on level 1 and office spaces from levels 2 to 4 and has 5,526 sqm of lettable area, built in 2009, which was bought for $51.785 million through Colliers – Melbourne.

Melbourne Units Cityscope

Sales recorded for Melbourne Units Cityscope for the three months to February 2023 totalled 277.9 million from 473 sales, a decrease compared to the $323.9 million from 507 sales in the previous quarter and the $336.9 million from 534 sales in the quarter to August 2022. The latest data brings the twelve-month sales total close to $1.143 billion, a decrease from the previous twelve months, which recorded sales of close to $1.828 billion.

Notable Sale: Unit 54 in the 36-storey Republic Tower at 299 Queen Street, Melbourne, a two-level three-bedroom apartment on levels 5 and 6 with four terraces plus four car spaces, which was bought for $2.735 million through Dingle Partners.

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 February 2023 recorded 12 sales for a total of $403.5 million. Of this, $387.5 million was for commercial, $3.4 million was for commercial strata, $7.8 million was for retail, $1.8 million was for retail strata. In comparison, the three months to November 2022 recorded 11 sales for a total of $368.7 million. Of this, $357.7 million was for commercial, $2.7 million was for commercial strata, $7 million was for retail and $1.4 million was for retail. The latest data raises the 12-month total to over $1.46 billion; $456 million lower than the previous 12-month period.

Notable Sale: A 50% interest in 53 Albert Street, a 19,059 sqm, 24-storey, A-grade commercial building in the heart of the CBD, bought for $142.5 million by 53 Albert Street Pty Ltd. Bruce Baker, Flint Davidson and Stuart McCann of CBRE negotiated the sale. The building underwent a $70 million redevelopment in 2009. It last traded at $252.2 million in 2018.

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 February 2023 recorded 26 sales for a total of $167.9 million. Of this, $121.9 million was for commercial, $12.5 million was for commercial strata, $3.8 million was for retail and $3.2 million was for retail strata. In comparison, the three months to November 2022 recorded 30 sales for a total of $164 million. Of this, $66.3 million was for commercial, $4.9 million was for commercial strata, $56.4 million was for retail and $5.9 million was for retail strata. The latest data raises the 12-month total to over $946.2 million, $370.3 million higher than the previous 12-month period.

Notable Sale: HQ South Tower at 520 Wickham Street, Fortitude Valley, a nine-storey office building originally built in 2010, comprising approximately 14,588 sqm space including 1,500 sqm retail space with a typical floor plate of 2,250 sqm and car parking for 218 vehicles, which was bought for $107.3 million by APACIG HQ South Property Pty Ltd in a deal handled by Knight Frank Brisbane and CBRE Brisbane.

Brisbane South Cityscope

The latest research from the Brisbane South Cityscope shows property sale figures have significantly decreased over the past three months. Sales recorded in the three months to February 2023 recorded 2 sales for a total of $4 million. Of this, $2.4 million was for commercial. In comparison, the three months to November 2022 recorded 6 sales for a total of $144.6 million. Of this, $122.4 million was for commercial and $3 million was for retail. The latest data raises the 12-month total to over $183.4 million which is $203.4 million less than the previous 12-month period.

Notable Sale: 23 Kurilpa Street, West End, a 320sqm single-storey weatherboard building featuring a carport to the rear has sold for $2.4m to Kurilpa Street Project Pty Ltd through CPRM Property Group (Qld) (Andreas Tsoumbaras).

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