The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales value for the three months ending May 2020 has decreased in total value from the preceding quarter.
There were 59 sales recorded for the most recent quarter with a total value of $1.07 billion, as compared to the 52 sales for a total of $1.232 billion for the quarter ending February 2020 and the 50 sales for a total of $1.879 billion for the quarter ending November 2019.
For the year ending May 2020, there were 242 sales recorded for a total of $10.115 billion, compared to the 248 sales for a total of $6.811 billion for the year ending May 2019.
The table below shows sales recorded for the last eight updates of Sydney Cityscope:
Recent notable sales in Sydney Cityscope in May 2020 include:
- Central Square, at 323 Castlereagh Street, Sydney, a 24-storey building on the former Hotel Sydney/Tivoli Theatre site. The building has a net lettable area of 37,500 sqm and the portico, lobby and lifts were refurbished in mid-2018, and was bought for $325 million through Knight Frank Sydney;
- Bligh Chambers at 25 Bligh Street, Sydney, 15,925 sqm over 31 storeys, completed 1977 including squash courts, a golf practice range and other facilities was bought in two separate transactions for a total of $179,574,850 and
- The Vibe Darling Harbour Hotel, 319 - 325 Sussex Street, Sydney, a 16-storey, 4.5 star hotel comprising 145 rooms, a rooftop bar and a swimming pool, completed and officially opened in October 2019, was bought for $95 million through JLL Hotels & Hospitality Group.
Properties for sale in Sydney Cityscope in May 2020 include:
- 139 Elizabeth Street, Sydney, a four-storey building which was renovated in 1985 and George Bosch Chambers at 114 Castlereagh Street, Sydney, a seven-storey building of 2,280 sqm, built in 1924, for sale together through JLL Sydney;
- The Radisson Hotel, 348 - 354 Sussex Street, Sydney, comprising of unit 247, with a total area 304 sqm including 158 sqm on the ground floor, 14 sqm on the first floor, 22 sqm on each of floors 2-7 inclusive and storage on other levels and unit 489, 725 sqm on the first floor (and 60 units in Sydney Units Cityscope not covered by Sydney Cityscope) for sale together with an asking price of $40,000,000 plus through Colliers International Sydney; and
- Lot 134 at Regency Hyde Park, 281-285 Elizabeth Street, Sydney, a commercial unit of 599 sqm including lobby area, office space and a business centre on the ground floor, for sale with an asking price of $6.999 million through Belle Property Commercial - Sydney.
Properties with space for lease in Sydney Cityscope in May 2020 include:
- Grosvenor Place, 225 George Street, Sydney, a 44-storey premium grade office complex, on a site which also incorporates and integrates five restored heritage buildings and a 24 hour accessible through-site link from George Street to Harrington Street, which has office space ranging from 100 to 7,800 sqm available through Colliers International Sydney and JLL Sydney;
- Australia Square Tower at 264-278 George Street, Sydney, an A Grade office building fronting George Street, was Australia's tallest office building for several years after its completion in 1967 and designed by Harry Seidler, has office space ranging from 45 to 4,500 sqm available through Cadigal Sydney and Dexus and
- 680 George Street, Sydney, a 55-level, 201-metre office tower to George Street, comprising stratum levels above and below World Square Shopping Centre (property 18A). Completed late 2004 and comprising 62,250 sqm of office space over 44 levels and basement parking for 448 cars over seven levels, which has office space ranging from 1,795 to 3,590 sqm available through Cushman & Wakefield Sydney.