Commercial Market Update - Wellington Cityscope

The latest research from Wellington Cityscope shows that commercial property sales have decreased in total sales value in the last quarter. For the three months to October 2017, there were 14 sales at a total value of $47.5 million, compared to the 13 sales at a total value of $95.5 million for the previous quarter. For the twelve months to October 2017, there were 61 sales at a total value of $434.3 million, compared to 79 sales at a total value of $412.3 million for the previous 12 months.

The table below shows sales recorded for the past eight updates of Wellington Cityscope.

2017-10-12--wellingtoncityscopequarterlysales


Notable sales in the October 2017 update of Wellington Cityscope include:

  • Transpower House at 96 The Terrace, Wellington Central, a 14-level office building including two basement levels of parking with a net lettable area of 8,335 sqm on a site of 1,805 sqm, which was sold for $25 million through CBRE;
  • 7-17 Hopper Street, Mt Cook a high-ceiling single-storey warehouse with a mezzanine office, with a paved parking area, which was sold for just over $3.6 million through Bayleys Wellington and
  • Intech House at 17-19 Garrett Street, a five-storey office building, built in 1972, with a gross floor area of 1,150 sqm on a site of 467 sqm, which was sold for $2.345 million.
2017-10-12--wellingtoncityscopequarterlysalesgraph


Properties listed as for sale in the October 2017 update of Wellington Cityscope include:

  • MWH House at 123 Taranaki Street, Te Aro, a 4-storey office building with parking for 23 cars and gross floor area of 4,260 sqm, which is for sale by deadline private treaty closing 25 October 2017 through Bayleys and
  • 91 Dixon Street, Te Aro, a 3-storey building, built in 1907 with retail space on the ground level and office above, which is available through Colliers International.

Leasing opportunities listed in the October 2017 update of Wellington Cityscope include:

  • 20 Balance Street, Wellington Central, the former PSIS House, a 14 storey building comprising 11 floors of office space, two floors of parking above ground floor, and ground and mezzanine retail space, which has office areas ranging from 349 sqm to 3,286 sqm available through Colliers International and Leaders Real Estate; 
  • 17 Whitmore Street, Mt Victoria, a 11-level building including basement car park for 20 cars, which has office space ranging from 563 sqm to 3,378 sqm available
  • Yoobee House, 20 Kent Terrace, Mt Victoria, a four-storey office building with a net lettable area of 3,243 sqm and parking for 50 cars, which has office space of 2,122 sqm available through Bayleys Wellington.