News & Research

Commercial Market Update - Pyrmont Ultimo Cityscope January 2022

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value have decreased although sale numbers have increased in the past three months.

Sales recorded in the quarter to January 2022 totalled $97.1 million from 36 sales, compared to the $106.7 million from 24 sales recorded in the previous quarter and the $219.6 million from 32 sales in the three months to July 2021.

This data brings the twelve-month total to $507.7 million from 115 sales, a significant increase from the previous twelve-month total of $270.1 million from 78 sales.

The table below shows sales recorded for the past eight updates of Pyrmont Ultimo Cityscope:

Notable sales recorded in the January 2022 update of Pyrmont Ultimo Cityscope include:

  • 66 Bay Street, Ultimo, a four-storey late Victorian/early Federation brick warehouse building with an early 1990's roof extension. The building has a total area of 867 sqm on a 373 sqm piece of land, which was bought for $15.4 million;
  • Suite 1 in Jones Bay Wharf at 26-32 Pirrama Road, Pyrmont, a 357 sqm office premises comprising a 168 sqm office plus a 54 sqm balcony and a 56 sqm walkway on level 3, a 140 sqm office on level 4 and a 49 sqm office on level 5; and Suite 3, a 206 sqm office premises comprising a 109 sqm office plus a 37 sqm balcony on level 3, a 73 sqm office on level 4 and a 24 sqm office on level 5, were sold together with five car parking spaces for $14.8 million; and
  • Suite 56 in Jones Bay Wharf, a 678 sqm office premises comprising a 321 smq office plus a 114 sqm balcony on level 3, a 255 sqm office on level 4 and a 92 sqm office on level 5, was bought with four car parking spaces for $9.5 million.

Properties listed as for sale in the January 2022 update of Pyrmont Ultimo City scope include:

  • 451 Harris Street, Ultimo, a two-storey building comprising ground floor retail showroom and residential on the upper floor, built in 1880, with a building area of approximately 150 sqm, which is for sale through LJ Hooker Pyrmont;
  • 424-426 Harris Street, Ultimo comprising Unit 1, a 125 sqm area and a 44 sqm area on the ground floor and a 42 sqm storage area in the basement, Unit 2, a 136 sqm area on level 1 and a 9 sqm storage area in the basement and Unit 3, a 139 sqm area on level 2 and a 19 sqm storage area in the basement. The building was originally built as a hotel in 1922 and converted into a commercial office building in early 1970s, which is for sale through Bawdens; and
  • Lot 11 in Glebe Place at 131-145 Glebe Point Road, Glebe, a 47 sqm office/retail suite on the ground floor, and lot 12, a 47 sqm office/retail suite on the ground floor, are for sale through LJ Hooker Prymont.

Leasing opportunities listed in the January 2022 update of Pyrmont Ultimo Cityscope include:

  • Waite and Bull Building at 137 Pyrmont Street, Pyrmont, a five-storey brick building, originally built as a woolstore in 1893 and converted to office and warehouse use. The building was renovated around 1996 and the foyer area on ground floor was refurbished in early 2020, which has office space ranging from 1,137 sqm to 2,290 sqm for lease through Cadigal Sydney;
  • 80 Bay Street, Ultimo, 4-storey federation warehouse building with four ground floor retail tenancies and offices on the upper levels, refurbished in late 2017, which has office space ranging from 800 sqm to 1,850 sqm for lease through Karbon Property – Sydney; and
  • 100 Harris Street, Pyrmont, a five-and-six-storey brick commercial building, originally built in 1919 as a woolstore in the Federation Warehouse style, internally refurbished in early 2017. The building has entrances to both Harris and Pyrmont Streets with four loading docks to Pyrmont Street. Converted to office use in the 1980s, which has office space ranging from 200 sqm to 1,905 sqm for lease through Dexus and Mercer Property, and 1,744 sqm for lease through Savills – Sydney and Colliers International – Sydney.

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