News & Research

Commercial Market Update - Newcastle Cityscope June 2021

The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have increased in both total sales value and sale number. For the quarter to June 2021, there were 28 sales at a total value of $61.7 million, compared to the 13 sales at a total value of $28.2 million in the previous quarter but a decrease in sales value compared to the 21 sales at a total value of $66.1 million in the quarter to December 2020.

This latest data brings the total sales value in Newcastle Cityscope to $170.5 million for the year, a decrease from the $189.7 million recorded the same time last year.

The table below shows sales recorded in the last eight updates of Newcastle Cityscope.

Notable sales in the June 2021 update of Newcastle Cityscope include:

  • 45 Honeysuckle Drive, Newcastle, the vacant site for Horizon On The Harbour development, a 5,709 sqm block of land, to be a development comprising three buildings of 7 to 8 storeys, 105 residential units, 4 commercial premises and two basement levels of parking for 212 cars, which was bought for $17.5 million;
  • The Ibis Hotel at 700 Hunter Street, Newcastle West, a four-storey hotel with a central five-storey tower and a single-storey section to Hunter Street used as a cafe/restaurant, and about 70 car parking spaces on site, which was bought for more than $8.143 million as part of a portfolio sale through JLL Hotels & Hospitality and
  • 978-980 Hunter Street, Newcastle West, a single-storey showroom/warehouse building, with a 3,103 sqm building area on a site of 1,808 sqm, which was bought for $7.3 million through Savills on an initial yield of 7.15%.

Properties listed as for sale in the June 2021 update of Newcastle Cityscope include:

  • 2-10 Holland Street, Wickham, an industrial complex comprising a single-storey factory, warehouse and depot with adjoining yard and large chemical storage tanks, on a block of 9,114 sqm land, which is for sale through Colliers International Newcastle;
  • Theatre Roya at 667-669 Hunter Street, Newcastle West, a three-storey Art Deco theatre, built circa 1929 and renovated internally in late 2010, with a building area of 1,700 sqm and an adjoining property at 659-665 Hunter Street, Newcastle West, a two-storey brick and tile-faced retail building, with a combined site area of 2,082 sqm, which are for sale together through PropertyFox-Parramatta / St Leonards / Sydney and Knight Frank Newcastle and
  • 426-432 King Street, Newcastle, a four-storey brick office building with parking to Hunter Street for 51 cars and a net lettable area of 3,350 sqm, which is for sale through Commercial Collective – Newcastle and CBRE Sydney.

Leasing opportunities in the June 2021 update of Newcastle Cityscope include:

  • 711-721 Hunter Street, Newcastle West, a large two and three-storey brick retail building and a two-storey carpark to the south with three ground floor shops, connected via a footbridge on level one, which has retail/office space from 250 to 6,000 sqm for lease through Colliers International Newcastle;
  • NIB House, 22 Honeysuckle Drive, Newcastle West, a six-storey, A-grade office building with ground floor retail space, completed in late 2008, which has office space of 1,580 sqm on level 3 and 1,579 sqm on level 4 available through Knight Frank Newcastle and
  • 352 Hunter Street, Newcastle, the site for the future Darby Plaza development, currently under construction. To be an 8-storey office building with retail space on ground level and car parking for 138 vehicles, with a total floor area of 8,266 sqm, which has office/retail space ranging from 100 to 5,000 sqm for pre-lease through GWH Newcastle and Knight Frank Newcastle.


CoreLogic Australia

CoreLogic Australia

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