Commercial Market Update – Canberra Cityscope
The latest research from Canberra Cityscope shows property sales value decreased in the past three months. Sales recorded in the quarter to June 2017 totalled $211.3 million, a decrease from the $684.5 million recorded in the three months to March 2017, but an increase from the $75.5 million recorded in the three months to December 2016.
This data brings the 12 month total to $1.114 billion, an increase from the $816.9 million recorded the same time last year.
The table below shows sales recorded for the past eight updates of Canberra Cityscope.
Notable sales in the June 2017 update of Canberra Cityscope include:
- A 50% share in Tuggeranong Hyerdome at 210 Anketell Street, Tuggeranong, a two-storey shopping complex with two levels of parking, a loading dock and car park to Reed Street and a car repair workshop in the basement. Refurbished in 1991 and extended in 1999, again redeveloped in 2006 at a cost of $10 million, was bought for $120 million;
- 62 Northbourne Avenue, City, a seven-storey office building with basement parking for 109 cars, built in 1987 and refurbished in 2007, was bought for $48.5 million;
- 39 London Circuit, City, a nine-storey office building with net lettable office area of 3,080 sqm, 35-37 London Circuit, City, a three-storey office building with net nettable area of 703 sqm and 31-33 London Circuit, City, a three-storey office building with a single-storey annexe which has a net lettable area of 520 sqm, were bought together for $11.35 million.
Properties for sale in Canberra in June 2017 include:
- Wing 3 of the Cameron Offices at 56 Chandler Street, Belconnen, a five-storey building linked on the upper levels to property at 74 Chandler Street. Completed in 1976 and refurbished in November 2007, was for sale through Colliers International Canberra;
- 27-29 East Row, City, part of the Sydney Building; built in 1927; comprising two 2-storey buildings with a net lettable area of 336 sqm. Fire damaged in February 2014 and restored in early 2016, was for sale through Raine & Horne Commercial Canberra;
- 19-21 East Row, City,part of the Sydney Building; built in 1927; comprising two 2-storey buildings with net lettable area of 200 sqm. Fire in February 2014 and restored in early 2016, was for sale with an asking price of $1.25 million through LJH Commercial Canberra.
Significant leasing opportunities in Canberra in June 2017 include:
- 44-46 Mort Street, Braddon, a two-storey office, workshop and showroom building, has office space of 2,858 sqm through JLL Canberra, Raine & Horne Commercial Canberra and LJH Commercial Canberra;
- 40 Cameron Avenue, Belconnen, a five-storey A-grade office building with parking for 221 vehicles, has office space ranging from 500 to 7,500 sqm through Knight Frank and JLL Canberra.
- 2 Constitution Avenue, City, a seven-storey office building with two levels of basement parking for 203 cars, has office space ranging from 846 to 6,800 sqm through JLL Canberra and Knight Frank.
Commercial Research
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.
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