The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales for the three months ending May 2018 have decreased in total value from the preceding quarter.
There were 53 sales recorded for the most recent quarter with a total value of $2.330 billion, as compared to the 86 sales for a total of $2.894 billion for the quarter ending February 2018 but an increase from the 66 sales for a total of $2.174 billion for the quarter ending November 2017.
For the year ending May 2018, there were 308 sales recorded for a total of $9.636 billion, compared to the 355 sales for a total of $4.738 billion for the year ending May 2017.
The table below shows sales recorded for the past eight updates of Sydney Cityscope:
Recent notable sales in Sydney Cityscope in May 2018 include:
- 50 Bridge Street, Sydney, a one third share in the future completed building to be known as Quay Quarter Tower which will be a 200-metre-high, 50-storey tower, which sold for about $900 million;
- 179 Elizabeth Street, Sydney, most of a 21-level building, completed in 1992 with a net lettable office area of 15,017 sqm and parking for 107 cars and Unit 3, 179 Elizabeth Street, Sydney, a commercial unit comprising the whole of level 6, an area of 1,642 sqm, and 111 sqm on basement level 2, which sold together for $265 million through Savills and Colliers International. The sale represented an initial yield of 5.17% on a passing income of $13,700,500 (net) and
- 55 Clarence Street, Sydney, a 22-storey office block, completed in 1975 with a building area of 14,962 sqm and parking for 88 cars, which sold for about $255 million through CBRE (Sydney).
Properties for sale in Sydney Cityscope in May 2018 include:
- Sirius, 2-60 Cumberland Street, Sydney, a five to thirteen-storey building of 79 home units with security parking, built in 1980 as a prominent example of Brutalist architecture in Australia, which is available as a freehold through Savills;
- 117 Clarence Street, Sydney a 14-storey office building, including a retail tenancy on the ground floor, a two-level hotel, 11 levels of office space and basement parking for 33, which is available through Savills Sydney and Inc RE – Sydney and
- 82 Elizabeth Street, Sydney, Unit 2, Unit 3, Unit 4, Unit 14, Unit 20 and Unit 27, commercial units on levels 2, 3, 4, 7 & 14 with a combined area of 1,074 sqm, which are available through Noonan Property - Sydney.
Properties with space for lease in Sydney Cityscope in May 2018 include:
- Swire House, 10 Spring Street, Sydney a 17-level building, completed in 1980, comprising 14 levels of office space, two retail levels and basement car parking for 47 cars, which has office space on level 7 and levels 9 to 12 available through Savills Sydney and Knight Frank Sydney;
- 1 O'Connell Street, Sydney a 36-level office building with a net lettable area of 35,050 sqm of office space over 28 levels and Wintergarden Plaza, 2,744 sqm of net lettable retail space over three levels, plus two basement car park levels for a total of 75 cars, which has office space ranging from 200 to 1,000 sqm available through JLL Sydney and Cushman & Wakefield – Sydney and
- 59 Goulburn Street, Sydney, a 28-level B-grade office building including three levels of parking for 126 cars, completed 1973, which has office space of 240 to 2,351 sqm available through CBRE (Sydney) and Colliers International Sydney.
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope. Subscribe to the free Commercial Pulse eNewsletter Get the latest commercial news and sales data each week from our CoreLogic Commercial Pulse! Click here to subscribe