Latest Cityscope News - October 2023

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to October 2023 have increased in terms of total value.Sales recorded in the most recent quarter totalled $191.2 million from 26 sales, as compared to the $166.8 million from 39 sales in the quarter to July 2023 and but a decrease from the $599.6 million from 26 sales recorded in the quarter to April 2023.This quarter brings the twelve-month total value of sales to $1.082 billion from 131 sales, a large decrease from the $3.727 billion from 157 sales recorded for the previous year.

Notable Sale: 54 Miller Street, North Sydney, a 14-storey office building with basement parking for 66 cars, completed in 1971 and fully refurbished at an estimated cost of $20 million in 2021 with net lettable area of 6,964 sqm, typical floor plates of 550 sqm and site area of 1,012 sqm, was bought for circa $70 million through CBRE Sydney and Knight Frank Sydney.

Pyrmont/Ultimo Cityscope

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 October 2023 totalled $68.2 million from 38 sales, an increase compared to the $40.6 million from 20 sales recorded in the previous quarter and the $28.3 million from 12 sales recorded in the quarter to April 2023. This data brings the twelve-month total to $315.7 million from 89 sales, a decrease from the previous twelve-month total of $596.7 million from 123 sales.

Notable Sale: Posh Hotel at 8-14 Broadway, Chippendale, two three-storey brick commercial buildings with ground floor retail, the easternmost with a decorative feature at levels one and two consisting of glass bricks and carved tableaux depicting fishing scenes. Total net lettable area is 1,336 sqm on a block of 355 sqm land, which was bought for $21.8 million.

Eastern Sydney Cityscope

The latest research from Eastern Sydney Cityscope shows commercial property sales values have decreased in the past three months. Sales recorded in the quarter to October 2023 totalled $97 million from 19 sales, a decrease from the $121 million from 39 sales recorded in the quarter to July 2023 and from the $222.9 million from 27 sales recorded in the quarter to April 2023. This data brings the 12-month total to $723.4 million, a decrease from the $783.2 million recorded the same time last year.

Notable Sale: Courthouse Hotel, 189 Oxford Street, Darlinghurst, a 4-storey Inter-War Free Classical style building including the Judgement Bar and Bistro on a block of 304 sqm; 381 Bourke Street, Darlinghurst, a three-storey building with a site area of 158 sqm and Kinselas Hotel at 383-387 Bourke Street, Darlinghurst, a 4-storey Victorian-style building with an internal Inter-War Art Deco style (built as a funeral parlour it was the headquarters of Charles Kinsela, Undertaker, from 1933 until 1982) were bought together for $61 million through Savills.

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 October 2023 recorded 162 sales for a total of $249.1 million, a decrease from the 176 sales for a total of $297.9 million recorded in the quarter to July 2023 but an increase from the 82 sales for a total of $124.6 million recorded in the quarter to April 2023. The 12 months leading up to October 2023 recorded 614 sales for a total of $990.9 million, a large decrease from the 826 sales for a total of $2.45 billion, for the same time period the year before.

Notable Sale: Lot 68, known as Unit 7602, at One Barangaroo Crown Residences, 1 Barangaroo Avenue, Barangaroo, an east and south facing 244 sqm residential apartment including a covered terrace on level 76 with a 30 sqm car space for 2 cars and a storage area of 5 sqm, all on basement level 2, which was bought for $19.25 million.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to October 2023 have decreased in terms of total value. For the three months to October 2023, a total value of $18.9 million was recorded from 20 sales, a decrease compared to the total value of $49.1 million from 21 sales in the three months to July 2023 but an increase from the $16.4 million from 14 sales in the three months to April 2023. This data brings the 12-month total to $115.7 million from 83 sales, a decrease from the $117.7 million from 78 sales recorded the same time last year.

Notable Sale: Lot 37 (known as Unit 127), in T1 Norwest, 14 Lexington Drive, Bella Vista, 158 sqm on level one, in the south east part of the building, plus 6 car spaces on level one, which sold for $2.045 million through Norwest Commercial & Industrial.

VIC

St Kilda Road Cityscope

The latest research from St Kilda Road Cityscope shows property sales’ value has decreased in the past three months. Sales recorded in the three months to October 2023 totalled $113.7 million from 54 sales, a decrease compared to the $244 million from 165 sales in the previous quarter and the $143.3 million from 170 sales recorded in the three months to April 2023. This data brings the 12-month total to $625.3 million from 548 sales, a decrease from the $682.1 million from 650 sales recorded over the previous year.

Notable Sale: 424 Illoura at 424-426 St Kilda Road, Melbourne, a 6-storey office building with the northern section built in 1966 and the southern section built in 1983, constructed in a U-shape around a glass-roofed atrium. Each office suite faces onto the atrium, which features three fountains. The building provides a net lettable area 12,074 sqm and 175 parking spaces in the basement, which was bought for about $80 million through CBRE Melbourne and JLL – Melbourne.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has decreased with 7 sales for a total of $36.8 million for the quarter to October 2023, compared to the 8 sales of $235.1 million for the previous quarter but an increase from the 11 sales of $4.6 million for the quarter to April 2023. This brings the 12-month total of over $279.6 million from 31 sales, a large decrease from the $625.1 million from 43 sales for the previous year.

Notable Sale: 646-666 Flinders Street development, vacant land for the proposed Tower R2 development for a 45-storey build-to-rent residential tower on a 2,242 sqm site, which was bought for $31.6 million.

Eastern Melbourne Cityscope

The latest research from Eastern Melbourne Cityscope shows property sales have decreased in the past three months in total sale value. Sales recorded in the quarter ending October 2023 totaled $234.2 million from 25 sales compared to the $377.9 million from 23 sales in the quarter ending July 2023 but show an increase from the $85.4 million from 27 sales in the quarter ending April 2023. This data brings the 12-month total to $1053.6 million which shows an increase compared with the $ 431.5 million recorded over the same period of the previous year.

Notable Sale: Nicholson Street, East Melbourne, the Orica Building, a 19-storey commercial tower with 55 basement car spaces, internally refurbished in 2003, a net lettable area of 16,970 sqm and a site area of 2,345 sqm, built in 1958, which was bought for $155 million through Cushman & Wakefield - Melbourne and CBRE – Melbourne.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in both sales value and volume have decreased in the past three months.Sales recorded in the quarter to October 2023 totalled $29.2 million from 15 sales, a decrease compared to the $178.9 million from 29 sales in the three months to July 2023 and the $119.6 million from 14 sales in the three months to April 2023. This data brings the twelve-month total to $609.4 million from 73 sales, a decrease from the previous twelve-month total of $641.8 million from 120 sales.

Notable Sale: Schneider Electric Building at 95-105 Frome Street, a 3-storey building plus lower ground parking, with a net lettable area of 3,432 sqm on a block of 1,817 sqm land, which was bought for $13 million through Colliers – Adelaide.

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