Cityscope has been researching commercial property in the capital city CBD markets of Australia for nearly 50 years. In the past month, new sales transaction data has been released for the markets below.
NSW
North Sydney Cityscope
The latest research from North Sydney Cityscope shows property sales for the quarter to July 2024 have increased in terms of total value. Sales recorded in the most recent quarter totalled $254.6 million from 47 sales, as compared to the $158.9 million from 13 sales in the quarter to April 2024 and an increase from the $30.4 million from 15 sales recorded in the quarter to January 2024. This quarter brings the twelve-month total value of sales to $635.8 million from 102 sales, a large decrease from the $1.832 billion from 139 sales recorded for the previous year.
Notable Sale: 40 Miller Street, North Sydney, an 11-storey commercial/retail building with parking for 105 cars, completed in 2000 and refurbished in 2007; with a net lettable area of 12,615 sqm, which was bought for $141 million. The sale represented an initial yield of 8.5% on a passing income of $11,985,000.
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Pyrmont/Ultimo Cityscope
The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value have increased in the past three months. Sales recorded in the quarter to July 2024 totalled $154.3 million from 26 sales, an increase compared to the $79.8 million from 28 sales recorded in the previous quarter and the $105.2 million from 17 sales recorded in the quarter to January 2024. This data brings the twelve-month total to $407.5 million from 109 sales, an increase from the previous twelve-month total of $396.9 million from 75 sales.
Notable Sale: 184-200 Broadway, Chippendale, a four-sotrey industrial building with a five-storey wing at the eastern end of the site, with a gross building area approximately 8,852 sqm comprising a basement and lower ground floor car park, ground floor and three upper levels, used for telecommunications purposes, which was bought for $67.6 million through CBRE Sydney.
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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 2024 totalled $113.6 million from 19 sales, a large decrease from the $667.9 million from 28 sales recorded in the quarter to April 2024 but an increase from the $33.8 million from 16 sales recorded in the quarter to January 2024. This data brings the 12-month total to $912.3 million, an increase from the $848 million recorded the same time last year.
Notable Sale: Commercial/retail component of TNT Apartments at 1 Lawson Square, Redfern, comprising Unit 1, a retail unit of 523 sqm on the ground floor; Unit 2, a commercial unit of 456 sqm on level 1 with 4 balconies; Unit 3, a commercial unit of 442 sqm on level 2 with 4 balconies; Unit 4 , a commercial unit of 442 sqm on level 3 with 4 balconies; Unit 5, a commercial unit of 443 sqm on level 4 with 4 balconies and Unit 6, a commercial unit of 443 sqm on level 5 with 4 balconies, was bought for $29.017 million.
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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 2024 recorded 272 sales for a total of $664.1 million, an increase from the 108 sales for a total of $183.7 million recorded in the quarter to April 2024 and from the 73 sales for a total of $143.5 million recorded in the quarter to January 2024. The 12 months leading up to July 2024 recorded 615 sales for a total of $1.24 billion, an increase from the 656 sales for a total of $1.145 billion, for the same time period the year before.
Notable Sale: Lot 312, known as apartment 86B, Residences One, 2-6 Watermans Quay, Barangaroo, a north and west facing 287 sqm corner residential apartment including a covered winter garden and 2 window seats on level 86 with a garage space of 45 sqm on basement level 3, which was bought for $21 million.
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Norwest Cityscope
The latest research from Norwest Cityscope shows property sales for the quarter to July 2024 have decreased in terms of total value. For the three months to July 2024, a total value of $25 million was recorded from 20 sales, a decrease compared to the total value of $31.6 million from 16 sales in the three months to April 2024 and a decrease from the $154.3 million from 69 sales in the three months to January 2024. This data brings the 12-month total to $231 million from 126 sales, an increase from the $127 million from 89 sales recorded the same time last year.
Notable Sale: 32 Brookhollow Avenue, Norwest, a block of mostly vacant land with a paved path and a small fenced area housing telecommunications equipment with a site area of 1,309 sqm, sold for $2.5 million.
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VIC
St Kilda Road Cityscope
The latest research from St Kilda Road Cityscope shows property sales’ value has decreased in the past three months. Sales recorded in the three months to July 2024 totalled $216 million from 219 sales, a decreased compared to the $274.9 million from 186 sales recorded in the previous quarter but an increase compared to the $92.8 million from 150 sales recorded in the quarter to January 2024. This data brings the 12-month total to $702 million from 614 sales, an increase from the $610 million from 636 sales recorded over the previous year.
Notable Sale: Unit 2 at 608 St Kilda Road, Melbourne, 358 sqm office suite on level one plus 4 car spaces in the east tower, a 10-story office building. The unit was bought with 4 car spaces for $1.4 million through Alexkarbon Real Estate – North Melbourne.
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Docklands Cityscope
The latest research from Docklands Cityscope shows that commercial property sales value has decreased significantly in value with 12 sales for a total of $5.1 million for the quarter to July 2024, compared to the 11 sales of $91.2 million for the previous quarter, and from the 8 sales of $6.1 million for the quarter to January 2024. This brings the 12-month total of $139.2 million from 38 sales, a decrease from the $251.1 million from 37 sales for the previous year.
Notable Sale: Unit11R, known as 223 Harbour Esplanade, a ground floor retail unit with an area of 180 sqm at The Conder, a 21-storey apartment building with retail space on the ground floor and 199 residential units, which was bought for $1.01 million.
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Eastern Melbourne Cityscope
The latest research from Eastern Melbourne Cityscope shows property sales have increased in the past three months in sale value. Sales recorded in the quarter ending July 2024 totalled $38.7 million from 18 sales, an increase compared to the $26.6 million from 26 sales in the quarter ending April 2024 and the $35.3 million from 10 sales in the quarter ending January 2024. This data brings the 12-month total to $334.7 million from 79 sales, a decrease from the $831.1 million from 94 sales recorded over the same period of the previous year.
Notable Sale: 12 Lakeside Drive, Burwood East, one of 16 buildings in the Tally Ho Business Park, on a large site to the south-west of the corner of Burwood Highway and Springvale Road, a concrete 3-level office building with a building area of 4,504 sqm on a site of 17,117 sqm, which was bought for over $17.4 million.
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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 2024 totalled $117 million from 19 sales, an increase compared to the $36.5 million from 10 sales in the three months to April 2024 and from the $60.2 million from 23 sales in the three months to January 2024. This data brings the twelve-month total to $248.1 million from 68 sales, a large decrease from the previous twelve-month total of $735.6 million from 87 sales.
Notable Sale: Ernst & Young Building at 121 King William Street, built as Tower 2 of the City Central precinct, officially opened April 2008. An A-grade 12-storey office tower with two levels of basement car parking for 55 cars, retail on the ground floor and offices on the upper levels. Net lettable area is 12,616 sqm comprising 612 sqm of retail space and typical floor area is 1,000 sqm; which was bought for over $84 million.
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CoreLogic Australia