News & Research

Commercial Market Update - North Sydney Cityscope January 2022

The latest research from North Sydney Cityscope shows property sales for the quarter to January 2022 have increased significantly in terms of total value.

Sales recorded in the most recent quarter totalled about $2.271 billion from 69 sales, as compared to the $224.5 million from 33 sales in the quarter to October 2021 and from the $175 million from 40 sales recorded in the quarter to July 2021.

This quarter brings the twelve-month total value of sales to about $2.757 billion from 170 sales, an increase from the $1.602 billion from 128 sales recorded for the previous year.

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

Notable sales in the January 2022 update of North Sydney Cityscope include:

  • Blue and William at 2-4 Blue Street, North Sydney, a 10-storey A-grade commercial building development currently under construction. The building will include basement car parking, outdoor terraces on levels 5 to 8, an onsite cafe and end-of-trip facilities with a net lettable area of 14,573 sqm. The estimated project cost is $61,618,315 and completion is due mid-2023. The land and the development agreement were bought for above $660 million;
  • A 50% interest in Greenwood Plaza and 83-103 Miller Street, North Sydney, a 28-level commercial building with an additional 5 levels of basement parking providing 531 car park lots and 170 bicycle lots; a 3-story commercial building at 103 Miller Street, on the corner of Pacific Highway and Miller Street, which has a building area of 9,000 sqm and Greenwood Plaza, a 3-level retail complex incorporating 98 speciality shops, together has a total net lettable area of 46,403 sqm comprising 37,473 sqm of office space and 8,930 sqm of retail space, which was bought for $422 million and
  • 100 Arthur at 100 Arthur Street, North Sydney, an A-Grade 23-storey building, completed in mid-2007. The building comprises retail space on the ground floor, a three-level podium and parking for 141 vehicles over three basement levels with a net lettable area of 27,196 sqm, which was bought for $372 million.

Properties listed as for sale in the January 2022 update in the areas covered by North Sydney Cityscope include:

  • 40 Pacific Highway, St Leonards, a three-storey office building with lower ground floor parking for 48 cars at the rear with a building area of 1,650 sqm, which is for sale through TGC – Sydney;
  • Lot 148 in The Colonnades at 30 Glen Street, Milsons Point, a 758 sqm retail unit on basement level 9 (known as level 1 on the strata plan) in a 17-storey residential building, which is for sale through Raine & Horne Commercial – North Sydney and
  • Lot 33 in La Vie at 51 - 53 Chandos Street, St Leonards, a 187 sqm office suite on the ground level of an 11-storey residential building completed in the first quarter of 2015, which is for sale through Property Fox.

Leasing opportunities in the January 2022 update in the areas covered by North Sydney Cityscope include:

  • Charter Grove at 29-57 Christie Street, Crows Nest, a seven-storey office building over a three-level basement car park for 307 cars, completed in mid-1990. Net lettable area is 14,400 sqm, which has office space ranging from 770 to 2,155 sqm available for lease through JLL North Sydney and Cadigal – North Sydney;
  • 1 Denison at 1 Denison Street, North Sydney, a 37-storey retail/commercial building, comprising 65,020 sqm including over 2,300 sqm of retail tenancies in basement, lower ground, ground floor and mezzanine, 4 levels of basement parking for 225 vehicles, completed in late 2020, which has office space ranging from 100 to 6,000 sqm available for lease through CBRE Sydney North and
  • Caroline Chisholm House at 33 Berry Street, North Sydney, a 16-storey building with three levels of basement parking; built 1975. A major refurbishment was completed in November 1989 involving a new entrance to Berry Street and provision for an atrium and further refurbished in 2003 with the addition of a cafe and new awnings and an extension of the lift shaft, which has office space up to 2,647 sqm available for lease through CBRE – North Sydney.

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