The latest research from Newcastle Cityscope shows commercial property sales in Newcastle’s CBD have increased in total sales value. For the quarter to June 2020, there were 15 sales at a total value of $33.1 million, compared to the 27 sales at a total value of $28.6 million in the previous quarter but a decrease compared to the 18 sales at a total value of $39.4 million in the quarter to December 2019.
This latest data brings the total sales value in Newcastle Cityscope to $190.8 million for the year, a decrease from the $202.8 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 2020 update of Newcastle Cityscope include:
- 745 Hunter Street, Newcastle West, a 5-storey building comprising a 161-place child care centre, ground floor cafe, four outdoor play areas, commercial office space on level 4 and two levels of basement parking for 51 vehicles, completed in 2018, with a building area of 1,583 sqm, which was bought for $10.8 million on an initial yield of 4.02%, in a deal handled by Colliers International - Newcastle; and
- Frederick Ash Building at 357 Hunter Street, Newcastle, a four-storey brick office and retail building with some Romanesque features to its facade and a net lettable area of 1,271 sqm, designed by Frederick Menkens and built in 1905, and 347-349 Hunter Street, Newcastle, two 3-storey buildings merged to form the Clarendon Hotel, with one of the buildings, Morpeth House, built in 1936, were bought together for $7.485 million. The properties were marketed by agents Commercial Collective – Newcastle, CBRE and Moore and Moore Real Estate.
Properties listed as for sale in the June 2020 update of Newcastle Cityscope include:
- 431-435 Hunter Street, Newcastle, a pair of two-storey office buildings fronting Hunter and Auckland Streets, refurbished in 2015 with parking for around 18 cars on a paved area to King Street, and 14 Auckland Street, Newcastle, a two-storey office building, are for sale as a whole through Street Property;
- The former A A Dangar Building at 176 Hunter Street, Newcastle, a five-level brick Federation Free style building, built in 1906, including basement and ground floor retail space and three levels of office space, providing building area of 459 sqm, which is for sale by auction through Commercial Collective - Newcastle; and
- 19 Darby Street, Newcastle, a two-storey office building with a net lettable area of 430 sqm on a site of about 209 sqm, which is for sale through Knight Frank Newcastle.
Leasing opportunities in the June 2020 update of Newcastle Cityscope include:
- 352 Hunter Street, Newcastle, a 2,142 sqm block of land, currently vacant with a single-storey substation and part of the site used for car parking. The site is approved for a development to be known as Darby Plaza, an 8-storey office building with retail space on ground level and car parking, which has office space in the proposed development from 100 sqm to 6,880 sqm for pre-lease through Commercial Collective - Newcastle;
- 19 Darby Street, Newcastle, a two-storey office building with a net lettable area of 430 sqm, which is available for lease through Knight Frank Newcastle; and
- Crest House at 112-118 Darby Street, Cooks Hill, a two-storey brick retail and commercial building with approximately 15 car parking spaces, which has office space of 180 sqm on level one available through Dowling Commercial – Hamilton.