Cityscope News - May 2024

NSW

Sydney Cityscope

The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending May 2024 has increased from the preceding quarter. There were 30 sales recorded for the most recent quarter with a total value of $804.9 million, as compared to the 51 sales for a total of $290 million for the quarter ending February 2024 and from the 33 sales for a total of $223.9 million for the quarter ending November 2023. For the year ending May 2024, there were 161 sales recorded for a total of approximately $2.514 billion, compared to the 306 sales for a total of $5.11 billion for the year ending May 2023.

Notable Sale: A 50% interest in 1 O’Connell Street, Sydney, a 36-level office building with a net lettable area of 35,050 sqm of office space over 28 levels and Wintergarden Plaza, 2,744 sqm of net lettable retail space over three levels, plus two basement car park levels for a total of 75 cars, with a site area of 3,211 sqm, which was bought for $367 million.

Macquarie Park Cityscope

The latest research from Macquarie Park Cityscope shows that commercial property sales have increased in value in the past three months. Sales recorded in the quarter to May 2024 totalled $258.6 million from 10 sales, a large increase compared to the $113.1 million from 16 sales recorded in the previous quarter and an increase compared to the $228.1 million from 17 sales recorded in the three months to November 2023, due to the $174 million sale of Intellicentre 3 East. This data brings the twelve-month total to $623.5 million from 60 sales, an increase from the previous twelve-month total over $598.2 million from 68 sales.

Notable Sale: Intellicentre 3 East at 21 Talavera Road, Macquarie Park, two buildings including a four-storey office building to the front of the site with parking for about 150 vehicles. The former two-storey building was refurbished with a two-storey addition and converted into a data centre known as Intellicentre 2 (IC2) in 2012. A 6-storey data centre with a gross floor area of 13,462 sqm with additional on grade car parking for 23 vehicles was built to the rear of the site during 2020 and 2021, known as Intellicentre 3 East (IC3E). The property was bought for $174 million.

VIC

Southbank Cityscope

The latest research from Southbank Cityscope shows property sales value has increased in the past three months. Sales recorded in the quarter to May 2024 totalled $223.1 million from 279 sales, an increase compared to the $164.9 million from 237 sales recorded in the previous quarter and a decrease from the $254.2 million from 360 sales recorded in the quarter to November 2023. This latest data brings the total yearly sales value to $898.1 million, a decrease from the over $1.575 billion recorded the same time last year.

Notable Sale: 89-91 City Road, Southbank, a two-storey building originally built as an industrial building in 1934 and last refurbished in 1983, which was converted to offices and strata in February 2002 with parking for about five cars at the rear. The whole building which consists of lots 2 and 3 on ground floor and lots 1 and 4 on first floor was bought for $11.08 million.

Burke Road Cityscope

The latest research from Burke Road Cityscope shows sales value has significantly decreased in the quarter to May 2024. In this latest quarter, there were 2 sales at $5.7 million, compared to the 6 sales at a total value of $95.2 million in the previous quarter and 4 sales in a total value of $11.3 million in the quarter to November 2023. This quarter brings the 12-month total to $120.3 million comprising 16 sales, a large increase compared to the 17 sales at a total value of $48.9 million over the previous year.

Notable Sale: The whole building at 399 Riversdale Road, Hawthorn East, including unit 1, a 165 sqm ground floor commercial unit with 5 car spaces and unit 2, a 172 sqm commercial unit on level 1 with 5 car spaces, which was bought for $4.35 million.

Chapel Street Cityscope

The latest research from Chapel Street Cityscope shows that commercial property has slightly increased in terms of sales’ value for the past three months. Sales recorded in the quarter to May 2024 totalled $13 million from 5 sales, compared to the $12.5 million from 3 sales in the quarter to February 2024 but have decreased in comparison to the $15.7 million from 7 sales in the three months to November 2023. This data brings the 12-month total to $61.5 million from 21 sales, a decrease from the previous 12-month total of $79.6 million from 22 sales.

Notable Sale: 91-93 Toorak Road, South Yarra, a single-storey brick building of 415 sqm containing two shops with parking for 4 cars and a site area of 579 sqm, sold for $5.15 million through Fitzroys – Melbourne.

Richmond Cityscope

The latest research from Richmond Cityscope shows that the property sales value has decreased in the past three months. Sales recorded in the quarter to May 2024 totaled $44.8 million with 8 sales, a decrease from the $101.7 million with 13 sales recorded in the three months to February 2024 and the $63.5 million from 17 sales recorded in the three months to November 2023. This data brings the 12-month total to $252.9 million from 59 sales, a decrease from the $504 million from 57 sales recorded for the same time last year.

Notable Sale: 84-88 Bridge Road, Richmond, a brick terrace building, two levels to Bridge Road and three levels to the rear, extensively refurbished to create a medical centre for nine practitioners in mid-2015. The property, with a net lettable area of 1,227 sqm plus parking to Verity Street for around 27 cars, was bought via auction for $24 million through Burgess Rawson – Melbourne.

Melbourne Units Cityscope

Sales recorded for Melbourne Units Cityscope for the three months to May 2024 totalled $298.9 million from 458 sales, a decrease compared to the $370.2 million from 574 sales recorded in the previous quarter and the $336.9 million from 552 sales recorded in quarter to November 2023. The latest data brings the twelve-month sales total to over $1.716 billion, an increase from the previous twelve months, which recorded sales total close to $1.538 billion.

Notable Sale: Unit 3201 at 17 Spring Street, Melbourne, a two-level whole floor residential apartment on levels thirty-two and thirty-three in the 34-storey building with a terrace on level thirty-two, two parking areas for 4 cars and storage on basement level 1 and one parking space on car stacker levels 1 and level 3 each, and an upper wine storage on level 3, which was bought for $18.5 million.

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 2024 recorded 12 sales for a total of $204.7 million. Of this, $138.9 million was for commercial, $3.3 million was for commercial strata, $2.5 million was for retail strata and $60 million was for other. In comparison, 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 $60 million was for other. The latest data raises the 12-month total to over $1.252 billion, $221.2 million higher than the previous 12-month period.

Notable Sale: 40 Tank Street, Brisbane City, known as ‘Forty Tank’ Sold for $73,000,000 to Alceon Group No. 52 Pty Limited. Built in 1985, the 11-storey commercial building covers 6,218 sqm of NLA (Net Lettable Area) with an average floor plate covering 1,061 sqm. Previously receiving a foyer refurbishment in 2014, the property includes 4 ground-floor retail shops, 327 above-ground car parks and corners Tank Street and Briggs Lane.

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 May 2024 recorded 23 sales for a total of $75.4 million. Of this, $8.1 million was for commercial, $4.8 million was for commercial strata, $6.5 million was for retail, $2 million was for retail strata and $52.7 million was for other. In comparison, 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 strata and $11.2 million was for other. The latest data raises the 12-month total to over $357.7 million, $106.8 million lower than the previous 12-month period.

Notable Sale: Mercure Brisbane Spring Hill at 345 Wickham Terrace, Fortitude Valley, a 4-star, 13-storey hotel featuring 179 bedrooms, 78 car parks over 4-storeys and three function rooms for 200 people. The hotel was most recently refurbished in 2019 with a $5 million enhancement, featuring a ground-level restaurant, which was sold for $42.7 million to Singh Hotel Pty Ltd as trustee for the Singh Hotel Unit Trust, sale handled by Wayne Bunz and Hayley Manwell of CBRE Hotels.

Brisbane South Cityscope

The latest research from the Brisbane South Cityscope shows property sale figures have decreased over the past three months. Sales recorded in the three months to May 2024 recorded 6 sales for a total of $25 million. Of this, $13.7 million was for commercial and $1.3 million was for commercial strata, $6.2 million was for retail and $3.8 million was for other. In comparison, 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. The latest data raises the 12-month total to over $135.1 million, $74.4 million lower than the previous 12-month period.

Notable Sale: 10-12 Edmondstone Street, South Brisbane. A vacant 2-storey commercial office building fronting Edmondstone Street has sold for $13.7 million to 190 Melbourne Street Pty Ltd. Parking for 6 vehicles included to the front of the 1,823 sqm property.

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