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 January 2019, there were 14 sales at a total value of $102.5 million, compared to the 23 sales at a total value of $271.2 million for the previous quarter. For the twelve months to January 2019, there were 83 sales at a total value of $714.1 million, compared to the 60 sales at a total value of $570.1 million for the previous 12 months.

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

Wellington Sales Grid January 2019

 

Notable sales in the January 2019 update of Wellington Cityscope include:

  • Comfort Hotel Wellington, also known as CQ Hotel at 213 Cuba Street
    Te Aro, was originally built in 1904 and was extended in 1916 and refurbished in the late 1980s and 2003 and the Wellington Suites at 221-237 Cuba Street, Te Aro, comprising two eight-storey buildings including the Quality Hotel, with 62 hotel suites, 42 serviced apartments, 12 larger maisonette apartments, retail space to Cuba Street and 68 car spaces over two levels, which were bought together for approximately $41 million; 
  • HP House at 8 Gilmer Terrace, Wellington Central
    A 14-level office building with 33 car spaces, and a et lettable area of 9,920 sqm, which was bought for $28 million and
  • Willis Street Halls – Cumberland at 235-251 Willis Street, Te Aro
    A 15-level former office building with showrooms on the ground floor, converted to apartments and refurbished as student accommodation in late 2012; plus a four-level building to Victoria Street, comprising an office and garage on the ground floor, a showroom on the first floor and two upper levels of parking, which were bought for $19 million. 
     
Wellington Sales Chart January 2019

 

Properties listed as for sale in the January 2019 update of Wellington Cityscope include:

  • HMR Building at 5-7 Vivian Street, Te Aro
    A five-storey warehouse/office building plus a lane to a single storey workshop behind the main building and a ramp up to 35 parking spaces on the first floor and roof of the workshop with a net lettable area of 2,113 sqm, which is for sale through Colliers International; 
  • Norfolk House at 128 Featherston Street, Wellington Central
    A four-storey building with ground floor retail space and three upper office floors, has a building area of 1,045 sqm, which is for sale through Colliers International and 
  • 5-6 Athol Crescent, Wellington Central
    A 838 sqm concreted and tar sealed car park with 25 spaces, which is for sale through CBRE.
     

Leasing opportunities listed in the January 2019 update of Wellington Cityscope include:

  • Creo House at 57-59 Courtenay Place
    Te Aro, an eight-storey building with a total building area of 4,053 sqm comprising ground floor retail space of 465 sqm, first floor parking with 24 bays and six upper office floors of 598 sqm each, which has office space ranging from 581 to 1,473 sqm available through Bayleys Wellington; 
  • Grant Thornton House at 215-229 Lambton Quay, Wellington Central
    A 17-storey concrete office building comprising basement parking, ground floor, one podium floor and 15 office floors, which has office space ranging from 600 to 1,200 sqm available through Bayleys Wellington and 
  • MWH House at 123 Taranaki Street, Te Aro
    A four-storey office building with parking space for 23 cars on paved land to Vivian Street, which has office space of 4,500 sqm available through Collliers International.