The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have decreased in the three months to September 2016. The most recent quarter recorded 34 sales at a total value of $44 million, compared to 16 sales at a total value of $75.4 million in the previous quarter, and 24 sales at $40.4 million in the quarter to March 2016. There were 96 sales at a total value of $240.3 million in the twelve months to September 2016, and increase from 85 sales at a total value of $114.2 million in the previous year.

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

Newcastle Cityscope Quarterly Sales

Notable sales in the September 2016 update of Newcastle Cityscope include:

  • The 33% interest of three commercial strata units and twenty properties owned by GPT Hunter Custodian Pty Ltd which comprise of lot 15, lot 16 and lot 17  of The Silk House Apartment building at 200-212 Hunter Street; The former David Jones store at 185 Hunter Street;  163-167 Hunter Street a three-storey retail building; Municipal Buildings at 164-170 Hunter Street;  Market Square at 160 Hunter Street; The former Duke of Kent Hotel at 153 Hunter Street;  Market Square on the Mall at 133-141 Hunter Street; Lyrique Theatre at 98-102 King Street and 35 Wolfe Street; St Marks Catholic Chapel at 3 Morgan Street; Blackall House at 22 Newcomen Street;  seven 2-storey buildings at 151 Hunter Street, at 147 Hunter Street, at 109 Hunter Street, at 110 King Street, at 108 King Street, at 104 King Street  and at 66-74 King Street; two 3-storey buildings at 111 Hunter Street and at 14 Thorn Street and a 4-storey office building at  105-107 Hunter Street were transferred at $8.83 million to related party, GPT Newcastle Development Pty Ltd.
  • The 100% acquisitions of Municipal Buildings at 164-170 Hunter Street and Market Square at 160 Hunter Street were bought for a total of $8,102,000 in four equal transactions of $2,025,500 in August 2016.

Newcastle Cityscope Quarterly Sales

Properties listed as for sale in the September 2016 update of Newcastle Cityscope include:

  • The former David Jones store at 185 Hunter Street; 163-167 Hunter Street a three-storey retail building; The former Duke of Kent Hotel at 153 Hunter Street;  Market Square on the Mall  at 133-141 Hunter Street; Lyrique Theatre at 98-102 King Street and 35 Wolfe Street;  St Marks Catholic Chapel at 3 Morgan Street; Blackall House at 22 Newcomen Street;  seven 2-storey buildings at 151 Hunter Street, at 147 Hunter Street, at 109 Hunter Street, at 110 King Street, at 108 King Street, at 104 King Street and at 66-74 King Street; two 3-storey buildings at 111 Hunter Street and at 14 Thorn Street and a four-storey office building at  105-107 Hunter Street known as the East End Portfolio with a total site area of 16,600 sqm, are all listed for sale through expressions of interest closing 20th September 2016 through Savills – Sydney CBD;
  • 2-6 Dick Street , Newcastle West, a one and two-storey office building with parking for 15 cars on the ground floor of the two-storey element with net lettable area of 1,690 on a 1,105 sqm sit for sale by auction on 8th September 2016 through Raine & Horne Commercial. Was last sold at $1.5 million in June 2014; and
  • 695 Hunter Street, Newcastle West, a two-storey brick office building with Italianate touches built in 2002 with building area of 161 sqm on a 164 sqm site for sale through auction on 22nd September 2016 through Colliers International. Was last sold for $330,000 in May 2003.

Leasing opportunities in the September 2016 update of Newcastle Cityscope include:

  • 18 Honeysuckle Drive has commercial space of up to 5,000 sqm for pre-lease through Colliers International Newcastle;
  • Collieries House, at 2 Market Street, a four-storey building with three shops on the ground level and office space above with a net lettable area of approximately 1,000 sqm has office space ranging from 275 to 551 sqm for lease through Knight Frank Newcastle; and
  • 9 Darby Street, a single storey brick building has office space ranging from 50 to 884 sqm through Colliers International Newcastle.

Commercial Research