Latest Cityscope News - September 2022

NSW

South Sydney Cityscope

The latest research from South Sydney Cityscope shows property sales value for the quarter to September 2022 has decreased. Sales recorded in the most recent quarter totalled $218.5 million from 36 sales, as compared to the $648.6 million from 45 sales in the quarter to June 2022 but an increase from the $83.2 million from 35 sales in the quarter to March 2022. This quarter brings the twelve-month total value of sales to $2.004 billion from 160 sales, an increase from the $1.737 billion from 160 sales recorded for the previous year.

Notable Sale: The Woolstores Alexandria, 4D Huntley Street, Alexandria (SS7.25D), a set of three 2-storey woolsheds originally built in 1940 to store wool that could not be exported during the Second World War, refurbished in 2014 and converted into a 9,956-sqm office complex and the ground level of the Enterprise Industrial Estate Alexandria Woolstores, 4A Huntley Street, Alexandria (SS7.25E), comprising retail/commercial space and a childcare centre, were bought together for $110 million through Cushman & Wakefield – Sydney.

Parramatta Cityscope

The latest research from Parramatta Cityscope shows sales have decreased significantly in terms of sales value. In the quarter to September 2022, there were 23 sales at a total value of $40.2 million, compared to the 10 sales at a total value of $145.3 million in the previous quarter and 14 sales at a total value of $211.8 million in the quarter to March 2022. The 12-monthly sales value has increased, with 60 sales at a total value of $646.2 million for the year to September 2022, compared to the 69 sales at a total value of $279.1 million for the previous year.

Notable Sale: AHMI at 43-45 Marion Street, Parramatta, a 3-storey commercial building with four offices, and ground level parking for 6 cars, completed in early 2002, which was bought for $9.36 million.

Chatswood Cityscope

The latest research from Chatswood Cityscope shows that commercial property sales in the areas covered by it have decreased from the preceding quarter. For the quarter to September 2022 there were 22 sales at a total value of $103 million, compared to the 18 sales at a total value of $291.3 million for the previous quarter. The yearly figure has increased, with 71 sales at a total value of $563.8 million for the twelve months to September 2022, compared to the 81 sales at a total value of $315.9 million for the previous year.

Notable Sale: Landcare Australia House and Scouts Australia House (CH6.14), known as 6 Help Street, Chatswood, an 8-storey building with basement parking for 37 cars; completed 1975. The building has a rooftop pool, half-size tennis court and a gymnasium, refurbished in 1993 and 1998 and a net lettable office area of 4,348 sqm; was bought for $39.8 million in a sale brokered by Colliers International Sydney West.

Newcastle Cityscope

The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have increased in terms of total sales value. For the quarter to September 2022, there were 15 sales at a total value of $61.3 million, compared to the 24 sales at a total value of $45.6 million in the quarter to June 2022, but a decrease from the 28 sales at a total value of $114.7 million in the quarter to March 2022. This latest data brings the total sales value in Newcastle Cityscope to $281.4 million for the year, a decrease from the $515.2 million recorded the same time last year.

Notable Sale: Mercure Newcastle at 12 Steel Street, Newcastle West, formerly Travelodge Hotel Newcastle, a 7-storey brick hotel including two levels of car parking and a triangular paved parking area on King Street, on a block of 4,398 sqm land, which was bought for over $21.258 million, as part of a $620 million portfolio sale.

ACT

Canberra Cityscope

The latest research from Canberra Cityscope shows property sales value have increased in the past three months. Sales recorded in the quarter to September 2022 totalled $368.6 million from 28 sales, an increase compared to the $146.4 million from 27 sales in the quarter to June 2022 and the $283.4 million from 30 sales recorded in the quarter to March 2022. The data brings the 12-month total to over $1.2 billion, a significant increase from the $651.7 million recorded the same time last year.

Notable Sale: Part of Constitution Place at 220 London Circuit, City, the five-storey office building of 22,300 sqm fronting London Circuit, completed late 2020 and incorporated 7 retail tenancies, end of trip facilities and 400 car spaces, which was bought for about $275 million in a deal handled by Colliers International Canberra.

VIC

Melbourne Cityscope

The latest research from Melbourne Cityscope shows that commercial property sales value has significantly increased in the past three months due to the $2 billion transaction on The SX1 and SX2 Towers. Sales recorded in the quarter ending September 2022 totalled $2.487 billion from 42 sales, compared to the 936.1 million from 40 sales recorded in the previous quarter and the $96.5 million from 51 sales recorded in the quarter ending March 2022. This data brings the 12-month total of $4.350 billion from 189 sales, an increase from the previous 12-month total of more than $2.361 billion from 201 sales.

Notable Sale: A 50% interest in the SX1 Tower, the Southern Cross East Tower at 121 Exhibition Street and the SX2 Tower, the Southern Cross West Tower at 111-129 Bourke Street, was bought for $2 billion through Cushman and Wakefield and CBRE.

The East Tower is a 41-level building comprising a total net lettable area of 80,432 sqm including 78,167 sqm office space and 2,265 sqm retail space with floor plates from 2,128 sqm to 2,200 sqm, built in 2006. It has a double glazed facade and has a 5-star NABERS energy rating.

The West Tower is a 22-storey office building comprising a total net lettable area of 45,120 sqm with retail space on the ground level, built in 2009. It includes substructure built as part of the East Tower and the Southern Cross car park, and has a black water recycling plant. The building has a 5.5-star NABERS energy rating. The two towers are separated by Southern Cross Lane which links Bourke Street and Little Collins Street.

QLD

Gold Coast Cityscope

The latest research from Gold Coast Cityscope shows property sale figures have decreased over the past three months. Sales recorded in the three months to September 2022 identified 45 sales for a total of $68.2 million. Of this, $1.8 million was for commercial (non-strata), $12.7 million was for commercial strata, $33.5 million was for retail (non-strata), $7.7 million was for retail strata and $12.6 million was for other purposes. In comparison, the three months to June 2022 recorded 62 sales for a total of $171.4 million. Of this, $18.9 million was for commercial (non-strata), $17.1 million was for commercial strata, $82.1 million was for retail (non-strata), $19.5 million was for retail strata and $33.8 million was for other purposes.

Notable Sale: A single-storey plus mezzanine level, 5,281 sqm building at 13-17 Upton Street, Bundall, was bought for $25.5 million by Wildwood (WA) Pty Ltd. The property was sold by Scott Dalton and Morgan Ruig of Cushman & Wakefield Gold Coast. The sale represented an initial yield of 5.40% on a passing income of $1,377,000. The site also includes a rear customer car park and a second single-storey building

WA

Perth Cityscope

The latest research from Perth Cityscope shows property sale numbers and figures have increased. Sales recorded in the quarter to September 2022 totalled $153 million from 26 sales, an increase in value compared to the $17 million from 8 sales recorded in the quarter to June 2022 but a decrease from the $202.8 million from 40 sales recorded in the quarter to March 2022.  The data brings the twelve-month total to $463.6 million from 97 sales, a decrease from the $996.9 million from 90 sales recorded for the previous twelve months.

Notable Sale: Quest East Perth at 176 Adelaide Terrace, East Perth, a 19-level apartment hotel building, completed in 2016, which includes 128 studios and one and two-bedroom serviced apartments, rooftop barbecue area, gymnasium and conference room facilities for up to 126 peoples, which sold for $41 million through Knight Frank Perth.

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