The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending August 2020 has decreased in total value from the preceding quarter.
There were 37 sales recorded for the most recent quarter with a total value of $741.7 million, as compared to the 59 sales for a total of $1.066 billion for the quarter ending May 2020 and the 52 sales for a total of $1.232 billion for the quarter ending February 2020.
For the year ending August 2020, there were 198 sales recorded for a total of approximately $4.92 billion, compared to the 251 sales for a total of $10.018 billion for the year ending August 2019.
The table below shows sales recorded for the last eight updates of Sydney Cityscope:
Recent notable sales in Sydney Cityscope in August 2020 include:
- 45 Clarence Street, Sydney, a 28-level office and retail building with five levels of basement parking for 162 cars and a landscaped plaza, completed 1990 and extensively refurbished in 2005. The property with a net lettable area of 32,200 sqm and typical floor plates of 1,250 sqm, was bought for $530 million;
- George Bosch Chambers at 114 Castlereagh Street, Sydney, a 7-storey office building with a net lettable office area of 2,280 sqm and 139 Elizabeth Street, Sydney, a 4-storey building with retail shop on ground, were bought together for $46 million and
- The three-level basement public car park at 109 Pitt Street, Sydney, located on the basement level of Randstad House, a 21-storey office building, comprises of 143 car spaces operated by Secure Parking, was bought for $38 million.
Properties for sale in Sydney Cityscope in August 2020 include:
- Mr. B's Hotel at 390-396 Pitt Street, Sydney, a 7-storey brick building which includes three storeys of office space with a net lettable office area of 3,500 sqm, for sale through Cubic Real Estate Chatswood;
- Unit 6 and Unit 7 at 350 Kent Street, Sydney, comprising the whole of level 3 with a total of 364 sqm in 12-storey strata office building, for sale together through Noonan Property – Sydney and
- The 25% share in Grosvenor Place at 225 George Street, The Rocks, a 44-storey premium grade office complex incorporates with five restored heritage buildings providing a total net lettable area of 87,126 sqm, including 1,611 sqm of retail space and five levels of basement parking for 516 cars, for sale through JLL Brisbane, JLL Sydney and CBRE Sydney.
Properties with space for lease in Sydney Cityscope in August 2020 include:
- 35 Clarence Street, Sydney, a 20-storey with two floors of retail and 16 floors of office space completed in 2000 and refurbished in 2012, which has office space ranging from 930 to 2,700 sqm available through CI Australia Sydney;
- 420 George Street Sydney, an A-grade, 34-storey commercial office tower built over a four-level retail podium known as Mid City Centre and six levels of basement parking. The total net lettable area is 46,844 sqm comprising 37,733 sqm office space and 9,111 sqm retail space, which has office space ranging from 1,191 to 1,220 sqm available through JLL Sydney and Investa Property Group and
- Centennial Plaza Tower C at 300 Elizabeth Street, Sydney, a 17-storey office tower with a single-storey retail space and 2 levels of basement parking for 171 cars. The property with a net lettable area of 17,974 sqm comprising 17,081 sqm of office space and 893 sqm of retail space, which has office space of 1,300 to 2,600 sqm available through CBRE Sydney.