The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending February 2021 has increased in total value from the preceding quarter.

There were 29 sales recorded for the most recent quarter with a total value of more than $2.435 billion, as compared to the 39 sales for a total of approximately $1.340 billion for the quarter ending November 2020 and the 35 sales for a total of $741.8 million for the quarter ending August 2020.

For the year ending February 2021, there were 162 sales recorded for a total of more than $5.583 billion, compared to the 229 sales for a total of $10.342 billion for the year ending February 2020.

The table below shows sales recorded for the last eight updates of Sydney Cityscope:

Recent notable sales in Sydney Cityscope in February 2021 include:

  • 39 Martin Place, Sydney, the to be completed premium-grade twin office towers above the Martin Place Station, with 30,000 sqm of office space across 28 levels and 2,000 sqm of retail space, which is developed by Macquarie group and built by Lendlease with expected completion in 2024, which was bought for approximately $800 million;
  • A 25% interest in 1 Farrer Place, Sydney comprising Governor Phillip Tower, a premium grade 64-level tower including 40 levels of office space and in Governor Macquarie Tower, a 46-level tower including 25 levels of office space with 10 basement levels under both towers providing a combined total of 654 car parking space and has a combined office area of 85,900 sqm and retail area of 300 sqm, which was bought for $584.6 million and
  • David Jones Elizabeth Street store at 113-133 Elizabeth Street, Sydney, an 11 storeys plus basement building with a net lettable area of 38,878 sqm, which was bought for $510 million on a sale and leaseback transaction with David Jones.

Properties for sale in Sydney Cityscope in February 2021 include:

  • B's Hotel at 390-396 Pitt Street, Sydney, a seven-storey brick building with office and retail space and a net lettable office area of 3,521 sqm, which is for sale through Knight Frank;
  • Lot 62, known as suite 2.03, a 101 sqm unit and lot 63, known as suite 2.04, a 64 sqm unit, both on level 2 in a 12-storey B-grade building with basement parking for 12 cars at 65 York Street, Sydney, which are for sale through Knight Frank Sydney and
  • Victoria House at 7-9 Wilmot Street, Sydney, a five-storey building converted to a backpacker’s hostel in early 2000. Comprising 127 beds and ground floor restaurant with a net lettable area of 724 sqm, which is for sale through JLL Hotels & Hospitality Group.

Properties with space for lease in Sydney Cityscope in February 2021 include:

  • 55 Market Street, Sydney, a 22-level commercial building, completed early 1990 and extensively refurbished in 2020; comprises 4 retail podium floors, 18 office floors, parking for 49 cars, which has office space ranging from 1,000 to 20,000 sqm for lease through Cushman & Wakefield – Sydney;
  • Foreshore House at 66 Harrington Street, The Rocks, in a three-to-five-storey office building with security parking, refurbished in 2000 and upgraded again in 2017, which has office space ranging from 1,180 to 5,973 sqm for lease through CBRE Sydney and
  • 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 125 to 3,500 sqm for lease through Cushman & Wakefield – Sydney and JLL Sydney.