The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending February 2020 has decreased in total value from the preceding quarter.
There were 52 sales recorded for the most recent quarter with a total value of $1.232 billion, as compared to the 50 sales for a total of $1.879 billion for the quarter ending November 2019 and the 81 sales for a total of $5.933 billion for the quarter ending August 2019.
For the year ending February 2020, there were 225 sales recorded for a total of $10.3 billion, compared to the 257 sales for a total of $7.82 billion for the year ending February 2019.
The table below shows sales recorded for the last eight updates of Sydney Cityscope:
Recent notable sales in Sydney Cityscope in February 2020 include:
- The 299-year leasehold of 100 Market Street, Sydney, an 11-storey office tower, originally completed in 1978 and extensively redeveloped in 2010, with a net lettable area of 30,777 sqm, was bought for about $683 million through Cushman & Wakefield - Sydney and JLL Sydney;
- 59 Goulburn Street, Sydney formerly known as Sydney Plaza, a 28-level B-grade office building including three levels of parking for 126 cars, completed 1973 with a net lettable area of 19,721 sqm, was bought for $270 million through Colliers International Sydney and JLL Sydney and
- A 50% interest in 6 - 8 Underwood Street, Sydney, a 10-storey office building with a ground level showroom and a net lettable area 3,251 sqm including 169 sqm of retail space; Underwood House, 37 Pitt Street, Sydney, a 12-storey office building, with four ground level retail tenancies plus basement parking for 93 cars and a net lettable area of 12,138 sqm including 640 sqm retail and 51 Pitt Street, Sydney, an 11-storey building comprising 10 levels of offices, ground floor retail plus 1 floor of basement parking for 22 cars, was bought for $80.5 million.
Properties for sale in Sydney Cityscope in February 2020 include:
- CPSU House at 191-201 Thomas Street, Sydney, a seven-storey office block with basement parking, refurbished in 1985 and reconstructed in early 1990 with a net lettable office area of 7,110 sqm., for sale with expectations of $75 million plus through Colliers International Sydney and Savills;
- Highmount House, 122 Castlereagh Street, Sydney, an 8-storey office block subdivided into 8 strata-titled floors has the following five units for sale,
- Unit 3, a commercial unit of 140 sqm, being the whole of the second floor;
- Unit 4, a commercial unit of 140 sqm, being the whole of the third floor;
- Unit 5, a commercial unit of 140 sqm, being the whole of the fourth floor,
- Unit 6, a commercial unit of 140 sqm, being the whole of the fifth floor and
- Unit 7, a commercial unit of 140 sqm, being the whole of the sixth floor, for sale together through Knight Frank - Sydney and
- Unit 5 at Ferrier Hare House, 55 York Street, Sydney, a 227 sqm commercial unit, being the whole of the third floor for sale through MMJ - Sydney.
Properties with space for lease in Sydney Cityscope in February 2020 include:
- Sub Station No.164 development, to be two 13 and 14 storey buildings comprising 7,659 sqm net lettable area of A-grade commercial office space, 210 sqm net lettable area of retail space, two landscaped open-air terraces spaces and hotel-quality end of trip facilities, which has office space ranging from 700 to 7,659 sqm available for pre-lease through Cushman & Wakefield Sydney;
- NAB House at 255 George Street, Sydney, which comprises 3 levels of basement parking for 219 cars, a ground floor banking chamber and 29 levels of offices, has office space ranging from 500 to 25,000 sqm available through Colliers International Sydney and
- 20 Bond Street, Sydney, a 33-storey building, with ground floor shops and a fitness centre in the basement, completed early in 1979 with a total net lettable area of 35,000 sqm, which has office space ranging from 250 to 3,325 sqm available through JLL Sydney and Colliers International Sydney.