The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales for the three months ending November 2018 have decreased in total value from the preceding quarter.
There were 71 sales recorded for the most recent quarter with a total value of $873.8 million, as compared to the 81 sales for a total of $2.767 billion for the quarter ending August 2018 and the 53 sales for a total of $2.327 billion for the quarter ending May 2018.
For the year ending November 2018, there were 292 sales recorded for a total of $8.872 billion, compared to the 335 sales for a total of $6.352 billion for the year ending November 2017.
The table below shows sales recorded for the last eight updates of Sydney Cityscope:
Recent notable sales in Sydney Cityscope in November 2018 include:
- The air space rights above the future Martin Place North Station at 2-12 Castlereagh Street, Sydney , in which the Macquarie Group plans to build a 28-storey commercial building, sold for $355 million;
- A 99-year leasehold in the future building covering 183 Clarence Street, Sydney and 185 Clarence Street, Sydney, currently a future development site occupied by two sub-stations, was sold on a pre-sale and fund through basis for $180 million through Inc RE - Sydney and Colliers International.
- A 50% interest in Latitude East, at 52 Goulburn Street, Sydney, an A-grade 12-storey office building of 23,104 sqm and parking for 210 cars, sold for $171,473,736 million.
Properties for sale in Sydney Cityscope in November 2018 include:
- The former Rawson Institute for Seamen at 98-100 George Street, Sydney, a three-storey stone building on George Street, built between 1854 and 1859; and a three-storey extension to Circular Quay West, built in 1909. The building contains the old Mariner's Church and was built by the Bethel Union. Refurbished over the period mid-010 to late 2011 at a cost of about $15 million. The property is available via a long term leasehold through Savills;
- A 50% interest in 175 Liverpool Street, Sydney, a 28-level office block with a total net lettable area of 48,890 sqm and basement parking for 423 cars, available through CBRE Sydney.
- Suite 601 at 50 York Street, Sydney, a commercial unit of 233 sqm on level 6, passed in at auction at $3.3 million in September and still available through Knight Frank Sydney.
Properties with space for lease in Sydney Cityscope in November 2018 include:
- Grosvenor Place, at 225 George Street, Sydney, a 44-storey premium grade office complex, on a site which also incorporates and integrates five restored heritage buildings and includes parking for 516 cars, which has office space ranging from 819 to 9,164 sqm available through JLL Sydney and Colliers International Sydney;
- Sydney Central, 477 Pitt Street, Sydney, a 31-storey office building with basement parking over two levels for 150 cars, linked to a 10-storey wing, the Sydney Central North Tower, and an atrium rising four storeys, which has office space ranging from 950 to 18,000 sqm available through Colliers International Sydney.
- Gateway at 1 Macquarie Place, Sydney a 43-storey commercial building comprising 43,050 sqm of office space over 39 levels and a retail plaza with a net lettable area of 3,600 sqm over 4 levels in an enclosed mall with 45 shops, a tavern and seating for 240 people, which has office space ranging from 200 to 3,438 sqm available through Cushman & Wakefield – Sydney and Dexus Property Group.