Latest Cityscope News - January 2023

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to January 2023 have significantly decreased in terms of total value. Sales recorded in the most recent quarter totalled $124.7 million from 40 sales, as compared to the $941.4 million from 34 sales in the quarter to October 2022 and the $376.5 million from 35 sales recorded in the quarter to July 2022. This quarter brings the twelve-month total value of sales to $1.599 billion from 134 sales, a decrease from the $2.762 billion from 171 sales recorded for the previous year.

Notable Sale: 21 Berry Street, North Sydney, a six-storey commercial office and retail building with off-street car stacker for 15 cars completed late 2002. Gross floor area 2,424 sqm and net lettable area 2,035 sqm, which was bought for $27 million.

Pyrmont/Ultimo Cityscope

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter to January 2023 totalled $178.6 million from 19 sales, compared to the $149.5 million from 24 sales recorded in the previous quarter and the $67.1 million from 40 sales recorded in the quarter to July 2022. This data brings the twelve-month total to $677.6 million from 105 sales, an increase from the previous twelve-month total of $515.6 million from 117 sales.

Notable Sale: 235-241 Pyrmont Street, Pyrmont, an eight-storey warehouse converted a commercial strata building, originally built in 1921 and extensively refurbished in 2011 and 2022, providing 10,399 sqm net lettable area on a site of 2,069 sqm, which was bought together with 30 car parking spaces being lots 29-35, lots 38-47 and lots 77-89 in the M Central Car Park at 360 Harris Street, Pyrmont, an eight-storey strata-titled car park of a total of 432 car spaces, for $107 million in a related party transaction.

Eastern Sydney Cityscope

The latest research from Eastern Sydney Cityscope shows commercial property sales values have increased in the past three months. Sales recorded in the quarter to January 2023 totalled $282.4 million from 20 sales, an increase from the $221.6 million from 27 sales recorded in the quarter to October 2022 and from the $120.6 million from 32 sales recorded in the quarter to July 2022.

This data brings the 12 month total to $821.9 million, a decrease from the $957.2 million recorded the same time last year.

Notable Sale: KMS Building at 8-24 Kippax Street, Surry Hills, a ten-storey retail and commercial building with 52 basement parking spaces and a site area of 1,037 sqm, was bought for $123.25 million through Knight Frank Sydney.

Sydney Units Cityscope

The latest research from Sydney Units Cityscope shows that apartment sales in Sydney’s CBD have decreased in total sales value in the last quarter. The last three months to January 2023 recorded 194 sales for a total of $319.3 million, a decrease from the 204 sales for a total of $403.1 million recorded in the quarter to October 2022 and a decrease from the 186 sales for a total of $523.3 million recorded in the quarter to July 2022. The 12 months leading up to January 2023 recorded 809 sales for a total of $2.04 billion, a decrease from the 1,222 sales for a total of $3.284 billion, for the same time period the year before.

Notable Sale: Lot 38, known as Unit 6202, at One Barangaroo Crown Residences, 1 Barangaroo Avenue, Barangaroo, a north and east facing 316 sqm residential apartment including 2 covered terraces on level 62 with 2 car spaces of 20 sqm and 17 sqm, both on basement level 2, which was bought for $23.5 million.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to January 2023 have increased in terms of total value. For the three months to January 2023, a total value of $31.3 million was recorded from 28 sales, a slight increase compared to the total value of $30.1 million from 26 sales in the three months to October 2022 and an increase compared to the total value of $17 million from 16 sales in the three months to July 2022. This data brings the 12-month total to $99.7 million, a large decrease from the $635.5 million recorded the same time last year.

Notable Sale: Lot 26, known as Suite 207, in Macarthur Point at 25-27 Solent Circuit, Norwest, comprising 536 sqm on level 2 and 311 sqm of parking space on the ground floor and the upper basement level, which sold for $3.95 million through Norwest Commercial & Industrial - Baulkham Hills.

VIC

St Kilda Road Cityscope

The latest research from St Kilda Road Cityscope shows property sales’ value has stayed the same while the number of sales has increased in the past three months. Sales recorded in the three months to January 2023 totalled $124.3 million from 159 sales, compared to the $124.3 million from 139 sales recorded in the previous quarter and a decrease compared to the $148.9 million from 207 sales recorded in the three months to July 2022. This data brings the 12-month total to $633.7 million from 659 sales, a decrease from the $861.6 million from 747 sales recorded over the previous year.

Notable Sale: Unit 23, known as Suites 3.01 and 3.02 at 150 Albert Road, South Melbourne, a 591 sqm office suite on level three of the six-storey office building, which was bought together with 15 car parking spaces for $3.6 million through Lemon Baxter - South Melbourne.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has significantly decreased with 5 sales for a total of $3.2 million for the quarter to January 2023, compared to the 13 sales at a total value of $8.2 million for the previous quarter and from the 10 sales at a total value of $10 million for the quarter to July 2022. This brings the 12-month total of over $183 million from 39 sales, a large decrease from the over $1.760 billion from 24 sales for the previous year

Notable Sale: Unit 112W, known as 108 Newquay Promenade, a commercial premises with an area of 352 sqm on the ground floor in the west building of Waterfront City Stage 1 at 425-427 Docklands Drive, Docklands, a strata office/retail building completed in early 2006, which was bought for $1.8 million through Killen Thomas – Melbourne.

Eastern Melbourne Cityscope

The latest research from Eastern Melbourne Cityscope shows property sales have significantly increased in the past three months in total sale value. Sales recorded in the quarter ending January 2023 totalled $340.4 million from 26 sales compared to the $12.4 million from 18 sales in the quarter ending October 2022 and from the $215.6 million from 31 sales in the quarter ending July 2022. This data brings the 12-month total to $611.1 million which shows a slight decrease compared with the $636.6 million recorded over the same period of the previous year.

Notable Sale: 8 Nicholson Street, East Melbourne, an 18-level office building with three levels of basement parking comprising 87 car spaces, built in 1991. The property, with net lettable area 23,528 sqm and typical floor area 1,650 sqm on a 3,076 sqm site, was bought for $213.7 million.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in sales value has increased in the past three months. Sales recorded in the quarter to January 2023 totalled $281.7 million from 15 sales, an increase compared to the $159.5 million from 29 sales in the three months to October 2022 and the $60.7 million from 22 sales in the three months to July 2022. This data brings the twelve-month total to $777.6 million from 100 sales, a decrease from the previous twelve-month total of $936.4 million from 101 sales.

Notable Sale: GHD Building at 211 Victoria Square, a 17-level office building with ground floor shops, completed 1981, which has a net lettable area of 17,774 sqm and typical floor area of 980 sqm, which was bought for $130.5 million.

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