Latest Cityscope News - May 2023

NSW

Sydney Cityscope

The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending May 2023 has increased from the preceding quarter. There were 86 sales recorded for the most recent quarter with a total value of over $1.2 billion, as compared to the 47 sales for a total of $962 million for the quarter ending February 2023 and the 120 sales for a total of $1.237 billion for the quarter ending November 2022. For the year ending May 2023, there were 354 sales recorded for a total of $5.263 billion, compared to the 255 sales for a total of $7.462 billion for the year ending May 2022.

Notable Sale: 60 Margaret Street, Sydney, a 39-level hexagonal office block with 30 floors of office space, 3 floors of retail space known as the Metcentre, 3 levels of car parking providing 143 car bays and 2 plant levels. Total net lettable area is 47,047 sqm comprising 40,482 sqm of office and 6,565 sqm of retail space. Typical floor plate is 1,410 sqm; which was bought for circa $820 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 May 2023 totalled $37.8 million from 12 sales, a decrease compared to the $155.6 million from 5 sales in the previous quarter and the $291.4 million from 15 sales in the quarter to November 2022. This data brings the twelve-month total $572.2 million from 41 sales, a decrease from the previous twelve-month total over $1.436 billion from 62 sales.

Notable Sale: 424 Concord Road, Rhodes, a single-storey brick residence with a shop to Blaxland Road, on a site of 489 sqm, which was bought for $20.025 million.

VIC

Southbank Cityscope

The latest research from Southbank Cityscope shows property sales value has decreased in the past three months. Sales recorded in the quarter to May 2023 totalled $205.1 million from 293 sales, a decrease compared to the $539.1 million from 689 sales recorded in the previous quarter and also from the $255 million from 257 sales recorded in the quarter to November 2022. This latest data brings the total yearly sales value to close to $1.506 billion, an increase from the $1.188 billion recorded the same time last year.

Notable Sale: Unit 12 at Surveyors Place, 117 Ferrars Street, South Melbourne, a first floor office within the remodelled brick warehouse building on the western boundary of the site with 4 on-site car spaces, was bought for $1.32 million.

Burke Road Cityscope

The latest research from Burke Road Cityscope shows commercial property sales value have increased in the quarter to May 2023. The latest quarter recorded $8 million from five sales, compared to the $7 million from two sales recorded in the previous quarter however a decrease compared to the $24.6 million from three sales recorded in the quarter to November 2022. This latest data brings the total yearly sales value to $48.9 million, a decrease from the $212.8 million recorded the same time last year.

Notable Sale: 401 Riversdale Road, Hawthorn East, a two-storey office building, with a net lettable area of 387 sqm. It includes 7 parking spaces in a paved rear yard, accessed by a common property driveway plus another parking area for about 3 cars at rear under the first floor extension, which was bought for $2.65 million.

Chapel Street Cityscope

The latest research from Chapel Street Cityscope shows that commercial property has increased in terms of sales’ value for the past three months. Sales recorded in the quarter to May 2023 totalled $17.5 million from 4 sales, compared to the $11 million from 4 sales in the quarter to February 2023 but recorded a decrease from the $25.9 million from 7 sales in the three months to November 2022.  This data brings the 12-month total to $62.8 million from 20 sales, a decrease from the previous 12-month total of $161.7 million from 29 sales.

Notable Sale: 44 Toorak Road, South Yarra, a brick high-fronted single-storey shop on a block of 147 sqm with parking for two cars to the rear and 48 Toorak Road, South Yarra, a two-storey building with a cafe at street level and offices with a separate entry above, internally refurbished in August 2018 and with parking for two cars on paved land to the rear and a site area of 153 sqm; with a combined building area of 466 sqm, were bought together for $7.52 million through Aston Commercial – Melbourne.

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 May 2023 totaled $63.6 million with 10 sales, a decrease from the $103.4 million with 16 sales recorded in the three months to February 2023 and the $123.5 million from 10 sales recorded in the three months to November 2022. This data brings the 12-month total to $500.1 million from 56 sales, an increase from the $468.3 million from 64 sales recorded for the same time last year.

Notable Sale: 362-368 Swan Street, Richmond, a two-storey retail/commercial building with a showroom and garage, a carpark at rear, a building area of 2,026 sqm and a site area of 3,098 sqm, which was bought for $45.5 million through TCI Property Consultants.

Melbourne Units Cityscope

Sales recorded for Melbourne Units Cityscope for the three months to May 2023 totalled $574 million from 602 sales, an increase compared to the $277.9 million from 473 sales recorded in the three months to February 2023 and to the $323.9 million from 507 sales recorded in the three months to November 2022. This current quarter data includes sales of apartments in 2 new strata buildings at UNO, 111-125 A’Beckett Street and 17 Spring Street. The latest data brings the twelve-month sales total close to $1.513 billion, a decrease from the previous twelve months, which recorded sales of over $1.531 billion.

Notable Sale: Unit 1001, a whole level 4-bedroom residential apartment with north east, north west and south east aspects and a balcony on level ten, two parking areas for 4 cars and a storage on basement level 2 and a lower wine storage on level 3, which was bought for $13 million through Colliers – Melbourne.

QLD

Brisbane Cityscope

The latest research from the Brisbane Cityscope shows property sale figures have decreased over the past three months. Sales recorded in the three months to ¬May 2023 recorded 2 sales for a total of $1.6 million, of this, $1.6 million was for commercial strata. In comparison, 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 and $1.8 million was for retail strata. The latest data raises the 12-month total to over $1.034 billion, $1.1 billion lower than the previous 12-month period.

Notable Sale: Units 49, comprising 74 sqm on the eighth floor and 50, comprising 74 sqm on the eighth floor in Northpoint Brisbane, 223-229 North Quay Street, which sold for a total of $968,888. Northpoint is a 12-storey commercial strata building on the corner of North Quay and Makerston Street, Brisbane City.

Brisbane Fringe Cityscope

The latest research from Brisbane Fringe Cityscope shows property sale figures have significantly decreased over the past three months. Sales recorded in the three months to ­May 2023 recorded 20 sales for a total of $37 million. Of this, $6.5 million was for commercial, $6.7 million was for commercial strata, $1.9 million was for retail and $18.9 million was for retail strata. In comparison, 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. The latest data raises the 12-month total to over $463.8 million, $587.1 million lower than the previous 12-month period.

Notable Sale: The whole building at 743 Ann Street Fortitude Valley, including unit 1, a 1,557 sqm office unit over levels 1 and 2 plus 7 balconies and ground floor entry, unit 2, a 145 sqm retail unit on the ground floor and unit 3, a 132 sqm retail unit on the ground floor in a 3-storey commercial and retail building plus 35 basement car parks, which was bought for $10.4 million.

Brisbane South Cityscope

The latest research from the Brisbane South Cityscope shows property sale figures have increased over the past three months. Sales recorded in the three months to May 2023 recorded 7 sales for a total of $31.3 million. Of this, $6.8 million was for commercial, $6.7 million was for commercial strata and $17.8 million was for other. In comparison, the three months to February 2023 recorded 2 sales for a total of $4 million. Of this, $2.4 million was for commercial and $1.6 million was for other. The latest data raises the 12-month total to over $209.5 million, $120.3 million lower than the previous 12-month period.

Notable Sale: The Montague Hotel at 363 Montague Road, West End. A hotel featuring 994 sqm of space over two levels, fit for commercial and retail space. 22 car parks are included on the corner site. Most recently internally refurbished in 2017 to include a bar, gaming room, dining room, lounge room and kitchen facilities to the rear. Traded for $9.035m through CBRE Hotels..

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