Latest Cityscope News - June 2023

NSW

South Sydney Cityscope

The latest research from South Sydney Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter to June 2023 totalled $289.1 million from 18 sales, an increase compared to the $96.9 million from 22 sales in the three months to March 2023 and the $251.1 million from 87 sales in the three months to December 2022. This data brings the twelve-month total to $854.7 million from 162 sales, a significant decrease from the previous twelve-month total of $2.366 billion from 179 sales.

Notable Sale: 49 Stephen Road, Banksmeadow, a chemical factory and associated facilities and a two-storey office building with paved parking for 14 cars with a site area of 31,720 sqm and 51-59 Stephen Road, Banksmeadow, the Nuplex Industrial facility, including chemical factories, laboratories, storage, distribution equipment, parking and access ways with also smaller one-and-two-storey office buildings on a site of 21,700 sqm, which were bought together for $143 million with a five-year leaseback agreement with the vendor.

Parramatta Cityscope

The latest research from Parramatta Cityscope shows sales have increased in terms of sales value and sales volume. In the quarter to June 2023, there were 23 sales at a total value of $125.5 million, compared to the 17 sales at a total value of $91.1 million in the previous quarter and have increased from the 6 sales at a total value of $34.7 million in the quarter to December 2022. The 12-monthly sales value has decreased, with 71 sales at a total value of $292.3 million for the year to June 2023, compared to the 60 sales at a total value of $690.3 million for the previous year.

Notable Sale: 83 Church Street, Parramatta, a 7,136 sqm block of vacant land, which was bought as a development site for $70 million.

Chatswood Cityscope

The latest research from Chatswood Cityscope shows commercial property sales in the areas have decreased in terms of total sales value. Sales recorded in the quarter to June 2023 totalled $87.3 million from 17 sales, a decrease compared to the $144.2 million from 14 sales recorded in the previous quarter and the $254.1 million from 27 sales in the quarter to December 2022.  This latest data brings the total sales value in Chatswood Cityscope to $588 million for the year, an increase from the $544.1 million recorded the same time last year.

Notable Sale: 637-639 Pacific Highway, Chatswood, a 2-storey building with a high clearance workshop to Gordon Street on a block of 445 sqm land and 629-635 Pacific Highway, Chatswood, a single-storey building with off-street parking on a block of 759 sqm land, which were bought together for $35.7 million.

Newcastle Cityscope

The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have increased in terms of total sales value. Sales recorded in the quarter to June 2023 totalled $64.7 million from 10 sales, an increase compared to the $34.5 million from 14 sales recorded in the previous quarter and the $15.3 million from 14 sales in the quarter to December 2022. This latest data brings the total sales value in Newcastle Cityscope to $175.8 million for the year, a decrease from the $578.8 million recorded the same time last year.

Notable Sale: 117 Bull Street, Wickham, NSW Government offices, a three-storey B-grade concrete office building with lower ground floor undercover parking and additional open air parking, with a net lettable area of 6,236 sqm, on a block of 6,765 sqm land, which was bought for $33.4 million through Commercial Collective – Newcastle and CBRE.

ACT

Canberra Cityscope

The latest research from Canberra Cityscope shows both property sales value and volume have significantly decreased in the past three months. Sales recorded in the quarter to June 2023 totalled $14.1 million from 16 sales, a decrease compared to the $341.2 million from 34 sales in the quarter to March 2023, and a decrease from the $179.3 million from 36 sales recorded in the quarter to December 2022. The data brings the 12-month total to $900.6 million, a slight decrease from the $1.15 billion recorded the same time last year.

Notable Sale: Unit 9 of Phillip Marketplace at 46-50 Botany Street, Woden, a single-storey building in a retail complex, which was bought for $3.75 million.

VIC

Melbourne Cityscope

The latest research from Melbourne Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter ending June 2023 totalled $565.9 million from 44 sales, an increase compared to the $142.1 million from 29 sales recorded in the previous quarter and the $229.2 million from 53 sales recorded in the quarter ending December 2022.  This data brings the 12-month total to more than $3.402 billion from 169 sales, an increase from the previous 12-month total of close to $2.410 billion from 199 sales.

Notable Sale: Optus Centre at 367 Collins Street, Melbourne, a 37-storey tower including a ground-floor banking chamber and a two-level 196-space car park, built in 1975 and refurbished in 1991 to 1992 at a cost of $30 million and further refurbished over two years to 1995. The building has a total net lettable area approximately 37,878 sqm with typical floor plates of 1,100 sqm, which is under a contract of sale for about $400 million through agents Cushman & Wakefield in conjunction with CBRE.

QLD

Gold Coast Cityscope

The latest research from Gold Coast Cityscope shows property sale figures have /decreased over the past three months. Sales recorded in the three months to ¬June 2023 recorded 8 sales for a total of $14.6 million. Of this, $5.7 million was for commercial, $2.8 million was for commercial strata and $0.4 million was for retail strata. In comparison, the three months to March 2023 recorded 23 sales for a total of $57.3 million. Of this, $4.3 million was for commercial, $9.2 million was for commercial strata, $5.5 million was for retail and $3.1 million was for retail strata. The latest data raises the 12-month total to over $315.1 million, $518.5 million lower than the previous 12-month period.

Notable Sale: The Professional & Medical Specialist Centre at 34 High Street, Southport, a 1,493  sqm four-level centre, originally built in 1987, was bought for $5.65 million by EK & SK Southport Pty Ltd. The site also included basement parking for 51 cars and a 528 sqm paved yard.

WA

Perth Cityscope

The latest research from Perth Cityscope shows property sales’ value has decreased. Sales recorded in the quarter to June 2023 totalled $10.4 million from 13 sales, a decrease in value compared to the $39.1 million from 20 sales recorded in the quarter to March 2023 and from the $705.5 million from 23 sales recorded in the quarter to December 2022. The data brings the twelve-month total to $908.3 million from 83 sales, an increase from the $771.7 million from 99 sales recorded for the previous twelve months.

Notable Sale: 

The whole building at 6-12 Gordon Street, West Perth, including unit 1, comprises 637 sqm on the ground floor; unit 2, comprises 152 sqm on the first floor; unit 3, comprises 170 sqm on the first floor; unit 4, comprises 167 sqm on the first floor and unit 5, comprises 83 sqm on the first floor, sold for $3 million through Colliers - Perth and SVN Commercial – Perth.

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