Latest Cityscope News - March 2023

NSW

South Sydney Cityscope

The latest research from South Sydney Cityscope shows that commercial property in both sales value and volume have decreased in the past three months. Sales recorded in the quarter to March 2023 totalled $96.9 million from 22 sales, a decrease compared to the $251.1 million from 87 sales in the three months to December 2022 and the $217.7 million from 35 sales in the three months to September 2022. This data brings the twelve-month total to $1.214 billion from 189 sales, a significant decrease from the previous twelve-month total of $2.368 billion from 177 sales.

Notable Sale: 261 Coward Street, Mascot, comprising a high-clearance brick workshop/factory with three bays and four parking spaces to Coward Street and a single-storey brick warehouse/workshop building to Kent Street, with a total building area of 3,842 sqm on a block of 4,047 sqm land, which was bought for over $17.766 million through Taylor Nicholas South Sydney.

Parramatta Cityscope

The latest research from Parramatta Cityscope shows sales have increased in terms of sales value and sales volume. In the quarter to March 2023, there were 17 sales at a total value of $91.1 million, compared to the 6 sales at a total value of $34.7 million in the previous quarter and have increased from the 24 sales at a total value of $40.5 million in the quarter to September 2022. The 12-monthly sales value has decreased, with 58 sales at a total value of $311.8 million for the year to March 2023, compared to the 64 sales at a total value of $558.5 million for the previous year.

Notable Sale: 9 George Street, Parramatta, a 7-storey commercial building with ground level retail space and basement parking for 41 cars, completed in 2003. Refurbished including modernization and upgrades of foyers, bathrooms, BMS and HVAS in 2020/2021. Typical floor plates 812 sqm and net lettable area is 5,479 sqm, which was bought for $49.6 million.

Chatswood Cityscope

The latest research from Chatswood Cityscope shows that commercial property sales in the areas covered by it have decreased from the preceding quarter. For the quarter to March 2022 there were 14 sales at a total value of $144.2 million, compared to the 26 sales at a total value of $252.6 million for the previous quarter. The yearly figure has increased, with 80 sales at a total value of $790.4 million for the twelve months to March 2023, compared to the 77 sales at a total value of $334.2 million for the previous year.

Notable Sale: The ABC site in Artarmon with a combined total area of 13,958 sqm at 14 Campbell Street, 2 Lanceley Place, 4 Lanceley Place, 6 Lanceley Place and 8 Lanceley Place which were mostly comprised of industrial/office buildings and high-clearance warehouses plus on-site parking, were bought for more than $94.8 million by Goodman Group through Knight Frank.

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 March 2023 totalled $34.5 million from 14 sales, an increase compared to the $15.3 million from 14 sales in the quarter to December 2022, but a decrease compared to the total of $61.3 million from 15 sales recorded in the quarter to September 2022.  This latest data brings the total sales value in Newcastle Cityscope to $156.6 million for the year, a decrease from the $594.9 million recorded the same time last year.

Notable Sale: 437-441 Hunter Street, Newcastle, a five-storey mixed-use commercial building with ground floor retail suites. The building was built in 1991 and provides a net lettable area of 2,808 sqm and parking for 32 vehicles to the rear, on a site of 2,023 sqm, which was bought for $16 million through Commercial Collective – Newcastle.

ACT

Canberra Cityscope

The latest research from Canberra Cityscope shows property sales value have increased in the past three months. Sales recorded in the quarter to March 2023 totalled $341.6 million from 34 sales, an increase compared to the $179.3 million from 36 sales in the quarter to December 2022. The data brings the 12-month total to over $1.1 billion, a decrease from the $1.332 billion recorded the same time last year.

Notable Sale: ATO headquarters building at 21 Genge Street, City, a ten-storey building plus two levels of basement parking for 277 cars, completed in 2008 at an estimated cost of $220m. Net lettable office area is 49,220 sqm comprising 48,045 sqm of office space and 1,175 sqm of retail space, which was bought for $290 million

VIC

Melbourne Cityscope

The latest research from Melbourne Cityscope shows that commercial property sales value has decreased in the past three months. Sales recorded in the quarter ending March 2023 totalled $142.1 million from 29 sales, compared to the $229.2 million from 53 sales recorded in the previous quarter and the $2.465 billion from 43 sales in the quarter ending September 2022, which largely contributed by the $2 billion transaction on The SX1 and SX2 Towers. This data brings the 12-month total to more than $3.772 billion from 165 sales, an increase from the previous 12-month total of close to $2.072 billion from 214 sales

Notable Sale: Holiday Inn on Flinders Hotel at 575 Flinders Lane, Melbourne, a 9-storey hotel-motel containing 209 rooms, 14 high-tech suites, a business centre, gym facilities, a restaurant, and ground-floor parking for 30 cars, completed in 1990, which was bought for $72 million in an off-market deal.

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 ¬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.  In comparison, the three months to December 2022 recorded 51 sales for a total of $173.4 million. Of this, $98 million was for commercial, $14.9 million was for commercial strata, $23.8 million was for retail and $6.8 million was for retail strata. The latest data shows the 12-month total to be $470.3 million, $513.3 million less than the previous 12-month period.

Notable Sale: 4 lots at 19-27 Stadium Drive, Benowa, a 14,438 sqm block of vacant land, occupied by a single-storey sales and display office and a small ground-level car park, which sold for $17 million to Sentinel BTR Manager Pty Ltd through CBRE Gold Coast (Mark Witheriff and Daniel Doran) and Colliers International Gold Coast/Brisbane (Steven King).

WA

Perth Cityscope

The latest research from Perth Cityscope shows property sales’ value has decreased significantly. Sales recorded in the quarter to March 2023 totalled $39.1 million from 20 sales, a large decrease in value compared to the $705.5 million from 23 sales recorded in the quarter to December 2022 and from the $153.4 million from 27 sales recorded in the quarter to September 2022. The data brings the twelve-month total to $915 million from 78 sales, a decrease from the $1.159 billion from 112 sales recorded for the previous twelve months.

Notable Sale: 3 Ord Street, West Perth, a 2,167-sqm building comprising 3 levels of office space above ground level parking for 36 cars (most in tandem or triple car parking spaces), which was refurbished in 2020, sold for $12.6 million through L J Hooker Commercial Perth.

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