The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales for the three months ending November 2019 have decreased significantly in total value from the preceding quarter.
There were 50 sales recorded for the most recent quarter with a total value of $1.88 billion, as compared to the 81 sales for a total of $5.929 billion for the quarter ending August 2019 and the 42 sales for a total of $1.261 billion for the quarter ending May 2019.
For the year ending November 2019, there were 226 sales recorded for a total of $10.978 billion, compared to the 291 sales for a total of $8.815 billion for the year ending November 2018.
The table below shows sales recorded for the last eight updates of Sydney Cityscope:
Recent notable sales in Sydney Cityscope in November 2019 include:
- A 25% interest in the yet to be completed Wynyard Place development, comprising Shell House at 2-12 Carrington Street, Sydney, 285 George Street, Sydney and leasehold interest of 10 Carrington Street, Sydney, which will include the construction of a 27-level commercial tower at 10 Carrington, with a total net lettable area of 59,000 sqm; restoration of Shell House and 285 George Street to provide an additional 9,400 sqm office space plus a total of 7,000 sqm of high end retail space across four levels and around the Wynyard Station concourse, in a new arcade linking Carrington and George Street and along the Carrington and George Street frontages and a major upgrade to Wynyard Station's George Street entrance, was bought for about $450 million;
- The air space rights above the future Pitt Street Station northern entrance at 175-187 Castlereagh Street, Sydney and Pitt Street Station southern entrance at 125-135 Bathurst Street, Sydney in which a consortium of CPB Contractors, Grocon Group and Oxford Properties Group plans to build a 39-storey commercial office building above the Pitt Street Station northern entrance and a 39-storey rental residential building above the Pitt Street Station southern entrance, was bought for $369 million and
- 6 O'Connell Street, Sydney, a 29-level office building including two levels of basement parking for 120 cars, which has a building area of 16,400 sqm comprising lettable office area of 14,601 sqm and lettable retail area of 1,799 sqm, was bought for about $315 million.
Properties for sale in Sydney Cityscope in November 2019 include:
- 100 Market Street, Sydney, an 11-storey office tower, originally completed in 1978, extensively redeveloped in 2010. The tower has a net lettable area of 30,777 sqm and has been awarded a six-star Green Star Design Rating, for sale through Cushman & Wakefield Sydney and JLL Sydney;
- 311-315 Sussex Street, Sydney, two 3-storey office buildings with 7 car spaces and a total net lettable area of 1,200 sqm on a 403 sqm block and 317 Sussex Street, Sydney, a three-storey brick building on a 131 sqm block, for sale through Kaz Property and
- Shop 6, an 84 sqm retail unit and Shop 7, a 129 sqm retail unit at the Observatory Tower at 168-170 Kent Street, Millers Point, for sale through auction on 10 December 2019 through Burgess Rawson Sydney.
Properties with space for lease in Sydney Cityscope in November 2019 include:
- 59 Goulburn Street, Haymarket, a 28-level B-grade office building including three levels of parking for 126 cars, completed 1973. The lobby and lifts were refurbished in mid 2018, which has office space ranging from 240 to 11,000 sqm available through CBRE Sydney and Colliers International Sydney;
- BNP Paribas Centre at 60 Castlereagh Street, Sydney, a 22-storey office tower with frontage to Castlereagh Street and 21-storey frontage to Elizabeth Street. The building has ground floor foyer and retail space, upper ground floor foyer, retail space, cafe and restaurant, a 2-level podium and 17 levels of offices over a basement car park for 60 cars, which has office space ranging from 345 to 2,900 sqm available through Dexus and CBRE Sydney and
- 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 100 to 7,800 sqm available through JLL Sydney and Colliers International Sydney.