News & Research

Cityscope News - March 2024

Cityscope has been researching commercial property in the capital city CBD markets of Australia for nearly 50 years. In the past month, new sales transaction data has been released for the markets below.

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 March 2024 totalled $115.9 million from 22 sales, a decrease compared to the $333.2 million from 20 sales in the three months to December 2023 and to the $263.5 million from 28 sales in the three months to September 2023. This data brings the twelve-month total close to $1.002 billion from 88 sales, a decrease from the previous twelve-month total close to $1.214 billion from 188 sales.

Notable Sale: Connect Corporate Centre Building 1 at 191 O’Riordan Street, Mascot, an eight-storey commercial tower, comprising ground floor retail, four levels of car parking for 141 cars and office space on levels five to eight, built in 2016 with a net lettable area of 5,640 sqm on a block of 1,945 sqm, which was bought for $40.54 million through Colliers - Sydney South.

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Parramatta Cityscope

The latest research from Parramatta Cityscope shows sales have decreased in terms of sales value and sales volume. In the quarter to March 2024, there were 9 sales at a total value of $19.3 million, compared to the 13 sales at a total value of $142.2 million in the previous quarter and the 13 sales at a total value of $44.1 million in the quarter to September 2023. The 12-monthly sales value has slightly increased, with 59 sales at a total value of $331.9 million for the year to March 2024, compared to the 61 sales at a total value of $312.7 million for the previous year.

Notable Sale: 13 Wentworth Street, Parramatta, a shipping container fronting Wentworth Street used as a cafe and vacant land to the rear on a 519 sqm block, which was bought as a development site for $7 million.

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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 March 2024 totalled $35.7 million from 22 sales, a decrease compared to both the $327.8 million from 10 sales recorded in the previous quarter and the $38.4 million from 16 sales in the quarter to September 2023. This latest data brings the total sales value in Chatswood Cityscope to $489.1 million for the year, a decrease from the $791 million recorded the same time last year.

Notable Sale: Lot 13 at 87 Reserve Road, Atarmon, a strata unit of 347 sqm on level 3 of a three-level warehouse and office building, which was bought at auction for $2.605 million through Taylor Nicholas North Shore.

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Newcastle Cityscope

The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have decreased. Sales recorded in the quarter to March 2024 totalled $24.8 million from 17 sales, a decrease compared to the $30.9 million from 15 sales recorded in the previous quarter, but an increase compared to the $20.1 million from 11 sales recorded in the quarter to September 2023. This latest data brings the total sales value in Newcastle Cityscope to $140.6 million for the year, a decrease from the $156.6 million recorded the same time last year.

Notable Sale: Macquarie House, a three-storey Victorian Italianate office building, constructed circa 1890 on the 202-sqm site. The original verandahs were removed in the 1960s. Built on the site of The Sessions House, a two-storey building which served as Newcastle's first courthouse from 1822 to 1890. The property was bought for $3.5 million.

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ACT

Canberra Cityscope

The latest research from Canberra Cityscope shows property sales value have decreased in the past three months. Sales recorded in the quarter to March 2024 totalled $79.8 million from 16 sales, a decrease from both the $96 million from 14 sales in the previous quarter and the $148.6 million from 31 sales in the quarter to September 2023. The data brings the 12-month total to $338.4 million, a decrease from the $1.132 billion recorded the same time last year.

Notable Sale: 12 Moore Street, City, a 14-storey building with two levels of basement parking; built in 1987 and refurbished in 2008. Net lettable area is 11,970 sqm, on a 1990 sqm block, which was bought for $50 million.

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VIC

Melbourne Cityscope

The latest research from Melbourne Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter ending March 2024 totalled $196.7 million from 40 sales, an increase compared to the $105.3 million from 32 sales recorded in the previous quarter but a decrease compared to the $411.3 million from 40 sales recorded in the quarter ending September 2023. This data brings the 12-month total to $878.2 million from 155 sales, a significant decrease from the previous 12-month total over $3.774 billion from 165 sales.

Notable Sale: 42 Russell Street, a six-level building with basement and rooftop level, converted in 2013 to 2014 from a former 4-sotrey building originally built in 1923 for the Royal Bank of Australia, on a site of 346 sqm, which was bought for $75 million.

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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 ¬March 2024 recorded 27 sales for a total of $73.7 million. Of this, $10.9 million was for commercial strata, $59.2 million was for retail and $2.9 million. In comparison, the three months to Dec 2023 recorded 53 sales for a total of $156.4 million. Of this, $37.7 million was for commercial, $18.5 million was for commercial strata, $56.3 million was for retail, $10.9 million was for retail strata and $31.6 million was for other. The latest data raises the 12-month total to $530 million, $58.2 million higher than the previous 12-month period.

Notable Sale: Robina Super Centre at 86 Robina Town Centre Drive, Robina, a 12,754 sqm two-storey shopping centre originally built in 2000, was bought for $53 million by Walnut Twelve Pty Ltd as trustee for Walnut Twelve Family Trust. Michael Hedger and Joe Tynan of CBRE Gold Coast and Peter Tyson of Savills Brisbane negotiated the sale which represented an initial yield of 6.91% on a passing income of $3,700,000 (net). Consisting of 28 retail units and showrooms with parking for 330 vehicles.

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WA

Perth Cityscope

The latest research from Perth Cityscope shows property sales’ value has decreased. Sales recorded in the quarter to March 2024 totalled $43.2 million from 36 sales, a decrease in value compared to the $189.1 million from 28 sales recorded in the quarter to December 2023 and from the $82.8 million from 21 sales recorded in the quarter to September 2023. The data brings the twelve-month total to $325.5 million from 98 sales, a large decrease from the $924.4 million from 79 sales recorded for the previous twelve months.

Notable Sale: 772-776 Hay Street, Perth, a retail building of 2 storeys plus basement, with a single-storey annexe on the eastern side, parking for 5 cars, a net lettable area of 1,200 sqm and a site area of 890 sqm, sold for $11 million.

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