Cityscope News - September 2023

NSW

South Sydney Cityscope

The latest research from South Sydney Cityscope shows that commercial property sales value has decreased in the past three months. Sales recorded in the quarter to September 2023 totalled $263.5 million from 28 sales, a decrease compared to the $289.1 million from 18 sales in the three months to June 2023 but an increase from the $96.9 million from 22 sales in the three months to March 2023. This data brings the twelve-month total to $900.5 million from 155 sales, a significant decrease from the previous twelve-month total of $2.042 billion from 156 sales.

Notable Sale: 146 O’Riordan Street, Mascot, a high-clearance warehouse and office building of 3,210 sqm over three levels, completed in late 2004 with on-grade parking for 19 cars to the front of the building on a block of 2,719 sqm and 154 O’Riordan Street, Mascot, a complex of seven industrial units, each with mezzanine office space and parking, contained within three two-storey high-clearance warehouse buildings with parking for 129 cars, a total building area of 8,157 sqm and site area of 13,727 sqm, which were bought together for $90 million through Colliers - Sydney South.

Parramatta Cityscope

The latest research from Parramatta Cityscope shows sales have decreased in terms of sales value and sales volume. In the quarter to September 2023, there were 13 sales at a total value of $44.1 million, compared to the 24 sales at a total value of $126.4 million in the previous quarter and to the 17 sales at a total value of $91.1 million in the quarter to March 2023. The 12-monthly sales value has decreased significantly, with 60 sales at a total value of $296.2 million for the year to September 2023, compared to the 63 sales at a total value of $640.9 million for the previous year.

Notable Sale: 263-265 Church Street, Parramatta, a three-storey building of 1,101 sqm refurbished in 2005 and a storage shed facing Freemasons Arms Lane on a 514 sqm site, which was bought for $10 million.

Chatswood Cityscope

The latest research from Chatswood Cityscope shows commercial property sales in the areas have decreased in terms of total sales value. Sales recorded in the quarter to September 2023 totalled $38.4 million from 16 sales, a decrease compared to the $87.3 million from 17 sales recorded in the previous quarter and significantly the $143.2 million from 14 sales in the quarter to March 2023. This latest data brings the total sales value in Chatswood Cityscope to $523 million for the year, a decrease from the $563.2 million recorded the same time last year.

Notable Sale: Three 2-storey brick buildings in Artarmon, at 102 Hampden Road, at 100 Hampden Road and 98 Hampden Road  on a combined site area of 878 sqm, which were bought together at auction for $10.5 million.

Newcastle Cityscope

The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have decreased in terms of total sales value. Sales recorded in the quarter to September 2023 totalled $20.1 million from 11 sales, a decrease compared to the $64.7 million from 10 sales recorded in the previous quarter and the $34.5 million from 14 sales recorded in the quarter to March 2023. This latest data brings the total sales value in Newcastle Cityscope to $134.6 million for the year, a decrease from the $281.4 million recorded the same time last year.

Notable Sale: 275-279 King Street, Newcastle, a two-storey office building with a net lettable area of 1,944 sqm on a block of 1,248 sqm land, which was bought for $9 million through Commercial Collective – Newcastle.

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 2023 totalled $148.1 million from 30 sales, an increase compared to the $14.1 million from 16 sales in the quarter to June 2023 but a decrease compared to the $341.2 million from 34 sales recorded in the quarter to March 2023. The data brings the 12-month total to over $682.6 million, a significant decrease from the $1.283 billion recorded the same time last year

Notable Sale: Abode Woden at 10 Bowes Street, Woden, a 10-storey hotel building converted in 2013 from a commercial building, originally built in 1969. The hotel comprises 151 self-contained apartment style rooms and a two-bedroom apartment, three conference rooms and an in-house restaurant, on a site of 1,516 sqm, which was bought for $41.5 million through CBRE Hotels Group.

VIC

Melbourne Cityscope

The latest research from Melbourne Cityscope shows that commercial property sales value has decreased in the past three months. Sales recorded in the quarter ending September 2023 totalled $409.5 million from 40 sales, compared to the $564.5 million from 44 sales recorded in the previous quarter and the $142.1 million from 29 sales recorded in the quarter ending March 2023. This data brings the 12-month total to more than $1.345 billion from 166 sales, a decrease from the previous 12-month total of $4.327 billion from 190 sales.

Notable Sale: Ibis Melbourne Central Hotel and Novotel Melbourne Central Hotel at 399 Little Lonsdale Street, Melbourne, a 35-storey hotel building with 472 rooms including 259 in the lower-level Ibis component and 213 in the Novotel plus guest amenities including two restaurants and a bar, conference and meeting spaces, recreation facilities plus undercover car parking, completed late 2018. The hotel sits on a 1,080 sqm block of land, which was bought for about $170 million through CBRE Hotels.

QLD

Gold Coast Cityscope

The latest research from Gold Coast Cityscope shows property sale figures have Increased over the past three months. Sales recorded in the three months to September 2023 recorded 82 sales for a total of $268.8 million. Of this, $170.1 million was for commercial, $19.7 million was for commercial strata, $28.8 million was for retail, $13 million was for retail strata and $24.5 million was for other. In comparison, the three months to June 2023 recorded 8 sales for a total of $14.6 million. Of this, $5.7 million was for commercial, $2.8 million was for commercial strata, $0.4 million was for retail strata and $5 million was for other. The latest data raises the 12-month total to over $515.7 million, $25.9 million lower than the previous 12-month period.

Notable Sale: Lot 103 Lake Orr Drive, Varsity Lakes at 2 Lake Orr Drive, Varsity Lakes, vacant land spanning 53,970 sqm with a 590 sqm frontage to Lake Orr at Southport, which sold for $49,500,000 to Biggee Pty Ltd through agents CBRE Gold Coast (Mark Witheriff and Rem Rafter) and Colliers International Brisbane (Adam Rubie and Brendan Hogan).

WA

Perth Cityscope

The latest research from Perth Cityscope shows property sales’ value has increased. Sales recorded in the quarter to September 2023 totalled $83 million from 22 sales, an increase in value compared to the $10.4 million from 13 sales recorded in the quarter to June 2023 and from the $39.1 million from 20 sales recorded in the quarter to March 2023. The data brings the twelve-month total to $837.9 million from 78 sales, an increase from the $464 million from 98 sales recorded for the previous twelve months.

Notable Sale: 503 Murray Street, Perth, an 8-level commercial building of 7,299 sqm with a 320 sqm ground floor retail tenancy, ground floor parking for 14 cars to the rear, first floor parking for 36 vehicles (plus 13 bicycle bays) and commercial space on levels two to eight on a block of 1,672 sqm, sold for $33.25 million through Sterling Property.

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