Latest Cityscope News - July 2023

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to July 2023 have significantly decreased in terms of total value. Sales recorded in the most recent quarter totalled $166.8 million from 39 sales, as compared to the $599.6 million from 26 sales in the quarter to April 2023 and a slight increase from the $124.7 million from 40 sales recorded in the quarter to January 2023. This quarter brings the twelve-month total value of sales to $1.832 billion from 139 sales, a decrease from the $3.016 billion from 157 sales recorded for the previous year.

Notable Sale: 50 Atchison Street, St Leonards, a 2-storey building with parking for 12 cars with a net lettable area of 534 sqm on a 360 sqm block and 52 Atchison Street, St Leonards, a 4-storey building with ground floor parking for 19 cars with a net lettable area of 1,634 sqm on a 720 sqm block, where were bought together for $35 million.

Pyrmont/Ultimo Cityscope

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter to July 2023 totalled $40.6 million from 20 sales, an increase compared to the $28.3 million from 12 sales recorded in the previous quarter but a decrease from the $178.6 million from 19 sales recorded in the quarter to January 2023. This data brings the twelve-month total to $396.9 million from 75 sales, a decrease from the previous twelve-month total of $567.9 million from 125 sales.

Notable Sale: Best Western Haven Glebe at 196 Glebe Point Road, Glebe, a four-storey brick hotel with 57 guest rooms with retail shops on the ground, constructed in the 1970’s and refurbished in early 2016, on a block of 836 sqm land, which was bought for $18.2 million.

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 July 2023 totalled $121 million from 39 sales, a decrease from the $222.9 million from 27 sales recorded in the quarter to April 2023 and from the $282.4 million from 20 sales recorded in the quarter to January 2023. This data brings the 12-month total to $848 million, an increase from the $806.9 million recorded the same time last year.

Notable Sale: 174-194 Williams Street, Woolloomooloo, a three-storey showroom and office building on a large block of 4,980 sqm, was bought for $45.5 million.

Sydney Units Cityscope

The latest research from Sydney Units Cityscope shows that apartment sales in Sydney’s CBD have increased in total sales value in the last quarter. The last three months to July 2023 recorded 176 sales for a total of $297.9 million, an increase from the 82 sales for a total of $124.6 million recorded in the quarter to April 2023 but a decrease from the 194 sales for a total of $319.3 million recorded in the quarter to January 2023. The 12 months leading up to July 2023 recorded 656 sales for a total of $1.145 billion, a decrease from the 940 sales for a total of $3.509 billion, for the same time period the year before.

Notable Sale: Lot 44, known as Unit 6402, at One Barangaroo Crown Residence, 1 Barangaroo Avenue, Barangaroo, a north and east facing 301 sqm residential apartment including 2 covered terraces on level 64 with a 27 sqm car space for 2 cars and a storage area of 8 sqm, all on basement level 2, which was bought for $25.5 million through The Agency Eastern Suburbs.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to July 2023 have increased in terms of total value. For the three months to July 2023, a total value of $49.1 million was recorded from 21 sales, an increase compared to the total value of $16.4 million from 14 sales in the three months to April 2023 and to the total value of $31.3 million from 28 sales in the three months to January 2023. This data brings the 12-month total to $127 million from 89 sales, a large decrease from the $598 million from 89 sales recorded the same time last year.

Notable Sale: 8 Solent Circuit, Norwest, a two-storey office and warehouse building with parking to the rear and side for 100 vehicles, with a building area of 4,876 sqm and site area of 11,750 sqm, which sold for $29 million.

VIC

St Kilda Road Cityscope

The latest research from St Kilda Road Cityscope shows property sales’ value has increased in the past three months. Sales recorded in the three months to July 2023 totalled $244.1 million from 165 sales, an increase compared to the $143.3 million from 170 sales recorded in the previous quarter and the $124.3 million from 159 sales recorded in the three months to January 2023. This data brings the 12-month total to $635.7 million from 633 sales, a decrease from the $917.5 million from 762 sales recorded over the previous year.

Notable Sale: Bayview Eden at 6-7 Queens Road, Melbourne, an eight-storey, four-star hotel with ground and first floor public and service areas, six upper floors with 180 rooms and 12 suites, plus 2 basement levels of parking for about 170 cars, opened in February 1989, on a site of 2,324 sqm, the Netherby Mansion at 8 Queens Road, Melbourne, a twelve-roomed brick and render two-storey former house with Italianate detailing, including an arcaded loggia at each level and a tessellated verandah, originally built in 1891 and altered  in the early 1930s, on a site of 2,324 sqm, and 9 Queens Road, Melbourne, a block of 2,324 sqm vacant land, were bought together as a development site for about $80 million through JLL – Hotels & Hospitality Group and JLL – Melbourne.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has increased with eight sales for a total of $235.1 million for the quarter to July 2023, compared to the 11 sales of $4.6 million for the previous quarter, and from the five sales of $3.2 million for the quarter to January 2023. This brings the 12-month total of over $251.1 million from 37 sales, a large decrease from the $619.4 million from 34 sales for the previous year.

Notable Sale: 7 Spencer Street development located south of Siddeley Street, which is at site preparation stage in July 2023 and will be a 46,000 sqm A-Grade commercial office tower, featuring 21 levels with floor plates of between 2,700 sqm & 3,000 sqm and car parking for 70 cars. A 50% interest in the future $630 million all-electric tower in a joint-venture project was acquired from Mirvac Group by Daibiru Corporation for $84.7 million.

Eastern Melbourne Cityscope

The latest research from Eastern Melbourne Cityscope shows property sales have significantly increased in the past three months in total sale value. Sales recorded in the quarter ending July 2023 totaled $369.9 million from 24 sales compared to the $85.4 million from 27 sales in the quarter ending April 2023 and from the $340.4 million from 26 sales in the quarter ending January 2023. This data brings the 12-month total to $808.1 million which shows an increase compared with the $498.9 million recorded over the same period of the previous year.

Notable Sale: 307-355 Ferntree Gully Road, Mount Waverley, the Axxess Corporate Park, a major office/industrial park, developed in stages since 1972 and still offering scope for further development. There are twelve two and three storey office buildings containing about 116 two-storey office/industrial units on a block of 196,000 sqm, which was bought for $306.2 million.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in both sales value and volume have increased in the past three months. Sales recorded in the quarter to July 2023 totalled $178.9 million from 29 sales, an increase compared to the $119.6 million from 14 sales in the three months to April 2023 but decreased from the $281.7 million from 15 sales in the three months to January 2023. This data brings the twelve-month total to $739.6 million from 87 sales, a slight decrease from the previous twelve-month total of $768.1 million from 114 sales.

Notable Sale: Sofitel Hotel at 108 Currie Street, a hotel of 251 rooms from ground floor to level 24 in a 35 35-storey mixed use building, comprising an indoor pool, gym, restaurant and bar Garcon Bleu and Club Millesime. Opened in November 2021 and operated by the Accor Group, which was bought for $154 million.

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