Commercial Market Update - North Sydney Cityscope February 2021

The latest research from North Sydney Cityscope shows property sales for the quarter to January 2021 have increased in terms of both total value and number.

Sales recorded in the most recent quarter totalled $618.7million from 37 sales, as compared to the $246.4 million from 22 sales in the quarter to October 2020 and from the $326.8 million from 21 sales recorded in the quarter to July 2020.

This quarter brings the twelve-month total value of sales to $1.6 billion from 128 sales, a decreased from the $2.619 billion from 208 sales recorded for the previous year.

The table below shows sales recorded for the past eight updates of North Sydney Cityscope.

North Sydney Sales Grid

Notable sales in the January 2021 update of North Sydney Cityscope include:

• 60 Miller Street, North Sydney, a 17-storey office building with a two-storey annexe to Mount Street and a five-storey building on the corner of Mount and William Street. The main building, completed mid-1987, comprises 14,640 sqm of office space over 12 levels, 300 sqm of retail space on the ground and upper ground floors, a 300-sqm cafe and tavern in the annexe and three levels of basement parking for 165 cars. The five-storey building was completed in mid-2009 which has 4,826 sqm of office space, which was sold together for a total of $273 million;
• Groupm House at 65 Berry Street North Sydney, an 18-storey building containing 17 floors of office space, one retail level and basement parking for 259 cars over 6 basement levels, completed in 1986, which was sold for approximately $212 million;
• 53 Berry Street, North Sydney, a seven-storey building, completed in 1988. The building comprises six levels of offices above ground floor retail space and two levels of basement parking for 30 cars with a total net lettable office area of 3,536 sqm and typical plates of 550 sqm, which was sold for $54 million.

North Sydney Sales Chart

Properties listed as for sale in the January 2021 update in the areas covered by North Sydney Cityscope include:

• 41 McLaren Street, North Sydney, a seven-storey building with two additional lower ground parking levels to Harnett Street for 91 cars, completed in 1972 and refurbished in 1990 and in 2007, with a building area of 8,450 sqm, for sale through Colliers International North Sydney;
• Lot 61, known as suite 801 at 83 Mount Street, North Sydney, a 70 sqm commercial unit on level 8 plus a 13 sqm car space on basement parking level 2 in a 13-storey office block, for sale through Raine & Horne Commercial North Sydney and
• Arcade Chambers at 443 Pacific Highway, Crows Nest, a 2-storey building containing several shops and part of an arcade connecting Willoughby Road with Pacific Highway, for sale through CBRE Sydney.

Leasing opportunities in the January 2021 update in the areas covered by North Sydney Cityscope include:

• Zurich Insurance House at 5-7 Blue Street, North Sydney, a 12-storey building with 10 floors of office space and parking for 100 cars; completed late 1984 and refurbished 2001, which has office space ranging from 200 to 8,000 sqm for lease through Cadigal – North Sydney;
• 141 Walker Street, North Sydney, a 24-storey office building comprises basement parking for 209 cars, ground floor retail space and landscaped terrace and forecourt, ground and upper ground level shops and restaurants, and 22 floors of offices, which has office space ranging from 450 to 2,890 sqm for lease through Savills Sydney and
• 51 Berry Street, North Sydney, a 6-storey office building with retail space on the ground level and two basement parking levels for 42 cars, completed in September 1981 and refurbished in 1995 and 2018, which has office space ranging from 258 to 1,200 sqm for lease through Cadigal – North Sydney and CBRE North Sydney.

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