Cityscope News - February 2024

NSW

Sydney Cityscope

The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending February 2024 has increased from the preceding quarter. There were 51 sales recorded for the most recent quarter with a total value of $290 million, as compared to the 33 sales for a total of $211 million for the quarter ending November 2023 but decreased from 47 sales for a total of $1.195 billion for the quarter ending August 2023. For the year ending February 2024, there were 218 sales recorded for a total of approximately $2.915 billion, compared to the 318 sales for a total of $5.154 billion for the year ending February 2023.

Notable Sale: The Pensione Hotel Sydney at 631-635 George Street, Haymarket, comprising two 4-storey buildings. The building at 631 George Street, built circa 1892 as a hotel, links George and Sussex Streets. The other building, formerly the Haymarket Post Office, built to George Street in 1926-27. The buildings were extensively reconstructed in early 1994 to complete the Sussex Arcade and refurbished again in late 2004 converting upper levels to a 72-room hotel. The arcade consists of 12 shops. The George Street building includes a ground floor tavern and basement cellar, extended and refurbished adding a courtyard beer garden in 2006. Total net lettable area 2,086 sqm comprising 206 sqm in Sussex Arcade, commercial area of 950 sqm in the building linking George and Sussex streets and 930 sqm in the building to George Street, which was bought for $57.6 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 2024 totalled $113.1 million from 13 sales, a decrease compared to the $217.2 million from 5 sales recorded in the previous quarter, but an increase compared to the $19.8 million from 12 sales recorded in the three months to August 2023. This data brings the twelve-month total to $382 million from 41 sales, a decrease from the previous twelve-month total over $618 million from 46 sales.

Notable Sale: 144 Wicks Road, Macquarie Park, mostly vacant land, the site of the former Peter board High School, with a total site area of 59,258 sqm including a one-storey childcare centre at 16 Waterloo Road on a separate title, which was transferred at over $33.53 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 February 2024 totalled $164.9 million from 238 sales, a decrease compared to the $254.2 million from 360 sales recorded in the previous quarter and a decrease from the $255.9 million from 300 sales recorded in the quarter to August 2023. This latest data brings the total yearly sales value to $880 million, a decrease from the $1.597 billion recorded the same time last year.

Notable Sale: Lot 2701A, Clarendon Towers, 80 Clarendon Street, Southbank, a residential penthouse occupying about two-thirds of the south-eastern end of the building on the 27th floor, with 5 car parking spaces, unit area of 484 sqm, which was bought for $4.8 million through Biggin & Scott Stonnington.

Burke Road Cityscope

The latest research from Burke Road Cityscope shows commercial property sales value has increased significantly in the quarter to February 2024. The latest quarter recorded $95.2 million from six sales, compared to the $11.3 million from four sales recorded in the previous quarter and an increase compared to the $8.1 million from four sales recorded in the quarter to August 2023. This latest data brings the total yearly sales value to $122.5 million, a decrease from the $183.8 million recorded the same time last year.

Notable Sale: Camberwell Place including 791 Burke Road, Hawthorn East, a two-storey building completed in September 2019, integrated with property 5 and created four new shops; lot S2 and lot S3, the retail components of Camberwell Place at 4-14 Burke Avenue, Hawthorn East, comprising retail areas on the ground floor, levels 1, 2 and 4, and car parking on basement and level 3 in a seven-storey mixed use building, which were bought together for $63.45 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 2024 totalled $12.5 million from 3 sales, compared to the $22.8 million from 8 sales in the quarter to November 2023 and the $20.4 million from 6 sales in the three months to August 2023. This data brings the 12-month total to $73.1 million from 21 sales, a decrease from the previous 12-month total of $113.8 million from 24 sales.

Notable Sale: 455 Chapel Street, South Yarra, a two-storey former hotel building with a more recent single-storey brick extension to the rear, which was renovated as a teahouse and restaurant in 2004 and which sits on a block of 350 sqm, sold for $6.3 million.

Richmond Cityscope

The latest research from Richmond Cityscope shows that the property sales value has increased in the past three months. Sales recorded in the quarter to February 2024 totaled $100.3 million with 11 sales, an increase from the $63.5 million with 17 sales recorded in the three months to November 2023 and the $42.9 million from 21 sales recorded in the three months to August 2023. This data brings the 12-month total to $268.5 million from 58 sales, a decrease from the $525.1 million from 63 sales recorded for the same time last year.

Notable Sale: Botanicca Nine at 588A Swan Street, Burnley, a 5-level A-grade office building with floor plates ranging from 1,200 sqm to 1,500 sqm, building area of 6,960 sqm, site area of 3,621 sqm, 232 car parks, completed in August 2019; Botanicca Seven at 586 Swan Street, Burnley, a 6-level A-grade office building with a building area of 6,587 sqm, site area of 4,989 sqm, 177 car parks, completed in 2009; two buildings and two car parking space lots within the Botanicca Corporate Park which were bought together for $80 million through CBRE and Dawkins Occhiuto.

Melbourne Units Cityscope

Sales recorded for Melbourne Units Cityscope for the three months to February 2024 totalled $370.2 million from 574 sales, an increase compared to the $336.9 million from 552 sales recorded in the previous quarter but a decrease compared to the $704.6 million from 779 sales recorded in the three months to August 2023. This current quarter data includes sales of apartments in the strata building, The Aspire Residences at 299 King Street. The latest data brings the twelve-month sales total close to $1.986 billion, an increase from the previous twelve months, which recorded sales of over $1.145 billion.

Notable Sale: Twenty units in The Aspire Residences, 299 King Street, being units 1301, 2802, 2901, 2905, 2907, 3001, 3002, 3004, 3007, 3010, 3104, 3105, 3107, 3110, 3204, 3207, 3210, 3302, 3304 and 3305, on various levels in the 65-storey apartment building, were bought together for $14.401 million.

QLD

Brisbane Cityscope

The latest research from the February Cityscope shows property sale figures have decreased over the past three months. Sales recorded in the three months to February 2024 recorded 10 sales for a total of $331.3 million. Of this, $13.3 million was for commercial strata and $317.9 million was for other. In comparison, the three months to November 2023 recorded 13 sales for a total of $429 million. Of this, $268.8 million was for commercial, $4.8 million was for commercial strata, $148.1 million was for retail, $7.3 million was for retail strata and $178.8 million was for other. The latest data raises the 12-month total to over $1.04 billion, $409.8 million lower than the previous 12-month period.

Notable Sale: Student One on Wharf on the corner of 38 Wharf Street and 355 Adelaide Street, sold for $170.7 million plus to So Sub TC Pty Ltd. Built in 2018, the 18,366 sqm student accommodation building comprises 753 rooms, a gym, a pool outdoor gaming/lounging and dining spaces over 40 storeys with four retail spaces on the ground floor. JLL Brisbane advised on the sale.

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 2024 recorded 24 sales for a total of $66.2 million. Of this, $36.9 million was for commercial, $4.9 million was for commercial strata, $10.8 million was for retail and $11.2 million was for other. In comparison, the three months to November 2023 recorded 22 sales for a total of $55.1 million. Of this, $7.1 million was for commercial, $15.3 million was for commercial strata, $4.1 million was for retail strata and $28.1 million was for other. The latest data raises the 12-month total to over $319.3 million, $628.2 million lower than the previous 12-month period.

Notable Sale: 117-119 McLachlan Street, Fortitude Valley, the 1,845 sqm three-storey office building featuring basement car parking for 6 vehicles and retail space on the ground-floor has sold for $22.884 million to N G P Investments (No 2) Pty Ltd. Listed as an A-grade building it’s partially included in the Centro On James II precinct and completed in 1999. Tim Jones and Jacob Swan brokered the deal for JLL Brisbane.

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 ­February 2024 recorded 4 sales for a total of $97.1 million. Of this, $57.6 million was for commercial and $39.5 million was for other. In comparison, the three months to November 2023 recorded 8 sales for a total of $10.8 million. Of this, $1.3 million was for commercial strata, $5 million was for retail and $1.4 million was for retail strata. The latest data raises the 12-month total to over $141.5 million, $41.5 million lower than the previous 12-month period.

Notable Sale: 55 Russell Street, South Brisbane, a 3-storey commercial office building cornering Edmondstone Street and Russell Street has sold for $38.6 million with a 4.83% yield on a net passing income of $1,864,534 to Lucathur Pty Ltd as trustee for Russell Trust. Basement parking for 50 cars is included with the 4,081 sqm property. Seb Turnbull and Elliott O’Shea of JLL brokered the deal.

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