The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending May 2021 has decreased in total value from the preceding quarter.
There were 51 sales recorded for the most recent quarter with a total value of $512 million, as compared to the 29 sales for a total of approximately $2.436 billion for the quarter ending February 2021 and the 39 sales for a total of approximately $1.34 billion for the quarter ending November 2020.
For the year ending May 2021, there were 154 sales recorded for a total of more than $5.029 billion, compared to the 247 sales for a total of $10.301 billion for the year ending May 2020.
The table below shows sales recorded for the last eight updates of Sydney Cityscope:
Recent notable sales in Sydney Cityscope in May 2021 include:
- One third share in 1 Bligh, Sydney, a 35-level building with 27 levels of office space, plant rooms on levels 16 and 29, a cafe in the ground level lobby, a childcare facility on the lower ground level, a wintergarden area on the ground level and four levels of basement parking for 94 cars, completed mid 2011. Net lettable area is 42,800 sqm with typical floor plates of 1,637 sqm, which was bought for $375 million;
- Workhouse at 400 Sussex Street, Haymarket, an 8-storey office block with basement parking, reconstructed originally in 1990 and refurbished in 2019 to include 26 serviced apartments, two retail tenancies, a reception area in the basement level plus a rooftop terrace with a net lettable area of 1,097 sqm, which was bought for $23.3 million. The sale represented an initial yield of 3.1% on passing income of $722,300.
- Lot 4 in the Trust Building at 155 King Street, Sydney, comprising the entire level one of 500 sqm in an 11 storeys, 1914 built, Interwar Commercial Palazzo style office building, extensively refurbished in 2020, which was bought for $10.461 million.
Properties for sale in Sydney Cityscope in May 2021 include:
- 9 Hunter Street, Sydney, comprising 21 levels of office space and a one-level gymnasium and sports centre, completed in 1983, refurbished at a cost of $8m in 1995/96, foyer and lift lobby refurbished in 2014 and again refurbished in 2020. The office tower is above and integrated with the Hunter Connection. Net lettable office area 15,793 sqm with typical floor plates 950 sqm, which is for sale through CBRE and JLL Sydney;
- Seagraves House at 810-821A George Street, Sydney, a three-storey building on a 279 sqm block with a net lettable area of 678 sqm, which is for sale through HTL Property and
- 296 George Street, Sydney, a 3-storey building constructed in 1846, once Skinners' Hotel. The basement and ground floor were restored in 1988 and linked with property 26 with a net lettable area of 423 sqm; and unit 1 in the Watson House at 300 George Street, Sydney, comprising 148 sqm in the basement in a 15-storey strata building, which are for sale together through Savills - Sydney.
Properties with space for lease in Sydney Cityscope in May 2021 include:
- Allianz Centre Complex at 2 Market Street, Sydney, comprising a 23-storey commercial office tower completed in 1990 and a 7-storey office and retail building known as Forecourt Building, completed in 2007. A major refurbishment at an estimated cost of $19 million was completed in Q3 2020. The 23-storey tower comprises four levels of public parking and two levels of tenant parking for a total of 286 cars, retail showroom areas and 16 levels of offices; typical floor plates of 1,954 sqm. The Forecourt Building is connected to the main building via a 7-storey atrium, which has office space ranging from 850 to 15,000 sqm available for lease through Cadigal Sydney and Cushman & Wakefield – Sydney;
- NAB House at 255 George Street, Sydney, the building comprises 3 levels of basement parking for 219 cars, a ground floor banking chamber, 29 levels of offices and 2 floors of plant rooms; built in 1985 and internally refurbished in 2010 at an estimated cost of $45 million. Net lettable area is 39,981 sqm with typical floor area 1,217 to 1,505 sqm, which has office space ranging from 500 to 25,000 sqm available for lease through Colliers International – Sydney and
- Bligh House at 4 Bligh Street, Sydney, a 17-storey office building includes 21 basement parking spaces and ground floor retail space. Gross floor area is 15,540 sqm and net lettable area is 9,963 sqm, which has office space ranging from 150 to 10,000 sqm available for lease through CBRE - Sydney and Cushman & Wakefield – Sydney.
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