News & Research

Commercial Pulse Update - Pyrmont Cityscope April 2022

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 April 2022 totalled $283.1 million from 23 sales, compared to the $97.1 million from 36 sales in the previous quarter and the $114 million from 25 sales recorded in the quarter to October 2021.

This data brings the twelve-month total to $713.9 million from 116 sales, a significant increase from the previous twelve-month total of $221.9 million from 81 sales.

The table below shows sales recorded for the past eight updates of Pyrmont Ultimo Cityscope:

PU sales grid

Notable sales recorded in the April 2022 update of Pyrmont Ultimo Cityscope include:

19 Harris Street, Pyrmont, an A-grade office building with seven levels of office space and 2 levels of basement parking for 136 cars, built in 2001. The building has 12,649 sqm office space and typical floor plate of 2,000 sqm, which was bought for $185 million at an initial yield of 4.25% through JLL Sydney;

  • The former Gumal Ngurang Building at 161 Broadway, Ultimo, a 5-storey building fronting Broadway and operated as UTS Broadway X Scape, a student accommodation for 250 students, which was bought with 31 car parking spaces on the upper basement level for $53 million and
  • UTS Mountain X Scape at 23-27 Mountain Street, Ultimo, a 5-storey warehouse formerly known as the Bulga Ngurra and now converted and operating as student accommodation for the University of Technology Sydney, which was bought for $22.5 million.

PU Sales chart

Properties listed as for sale in the April 2022 update of Pyrmont Ultimo City scope include:

  • The retail component within DUO, at 1 Chippendale Way, Chippendale, a 1,090 sqm retail space comprising eight external facing shops on the ground level of the 16-storey residential tower, which is for sale through Colliers - Sydney;
  • 321 Glebe Point Road, Glebe, a two-storey brick house with ground floor retail, completed in 1898, with a building area of 212 sqm, on a block of 164 sqm land, which is for sale through Laing + Simmons Glebe; and
  • 93 Pyrmont Street, Pyrmont, a two-storey sandstone block terrace, built around 1858 with four residential tenancies on the upper level and a building area of 152 sqm, on a block of 108 sqm land, which is for sale through Belroy Property Parramatta.

Leasing opportunities listed in the April 2022 update of Pyrmont Ultimo Cityscope include:

  • 55-59 Regent Street, Chippendale, comprising a three-storey commercial building to the corner of Regent and Outram Streets, a five-storey commercial building to Regent Street and a five-storey building to the corner of Kensington and Outram Streets, which has retail space of 427 sqm on the ground level and office space of 2,789 sqm over levels 1 to 4 at 55 Regent Street, available for lease through Karbon Property - Sydney;
  • 45 Jones Street, Ultimo, a brick commercial building, three storeys to Jones Street and seven storeys to Wattle Street, with covered parking area, which has office space ranging from 300 sqm to 2,000 sqm for lease through Karbon Property – Sydney and Knight Frank Sydney; and
  • 235-241 Pyrmont Street, Pyrmont, an eight-storey warehouse converted as a commercial strata building and refurbished in 2011, which has office spaces ranging from 281 to 7,000 sqm in the proposed $2.24 million refurbishment for pre-lease through Karbon Property – Sydney and Knight Frank Sydney.


CoreLogic Australia

CoreLogic Australia

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