Commercial Market Update – Adelaide Cityscope
The latest research from Adelaide Cityscope shows that commercial property sales have increased substantially in total value for the quarter to October 2016. The latest quarter shows total sales figures of $222.2 million from 15 sales, compared to $43 million from 25 sales in the quarter to July 2016, and $197.9 million from 18 sales in the quarter to April 2016.
The year to October 2016 shows total sales of $949.9 million from 79 sales, a significant increase on the previous year, which had $674.4 million from 87 sales.
The table below shows sales recorded for the past eight updates of Adelaide Cityscope.
Notable sales in the October 2016 update of Adelaide Cityscope include:
- A 50% interest in Westpac House at 91 King William Street, Adelaide, a 31-storey office building with 107 parking spaces, completed 1988 and the tallest building in South Australia, which sold for $88.5 million. The sale represented an initial yield of 7.00% on passing income of $6,195,000; and
- HP Centre at 108 North Terrace, Adelaide, an 11-storey office building with a basement car park for 45 cars and an underground car park for 85 cars at 15-19 Victoria Street, which sold for $36.5 million. The sale represented an initial yield of 9.49% on a passing income of $8,206,000 (net).
Properties for sale in the October 2016 update of Adelaide Cityscope include:
- 45 Pirie Street, Adelaide, a 19-storey office building with net lettable area of 19,383 sqm including two basement levels for 56 cars, available through Knight Frank and JLL Adelaide;
- 75-79 King William Street, Adelaide, a seven-storey office building with shops on the ground floor, building area 3,583 sqm, available through LJ Hooker Commercial; and
- 276-278 Rundle Street, Adelaide, a two-storey retail building with a newer single-storey rear extension, building area 292 sqm, available through McGees Property.
Leasing opportunities in the October 2016 update of Adelaide Cityscope include:
- Angas Securities House at 26 Flinders Street, Adelaide, a 16-storey office building with a glass facade and basement parking for 68 cars, which has office space of 150 to 2,210 sqm and retail space of 400 sqm available through Knight Frank;
- 55 Grenfell Street, Adelaide, a 13-storey office building including basement, ground and mezzanine with a typical floor plate of 818 sqm, which has office space of up to 2,454 sqm available through Colliers International and ProRealty;
- AON House, at 63-69 Pirie Street Adelaide, a 12-storey office building with basement parking for 40 cars and net lettable area of 11,520 sqm, which has office space of up to 6,858 sqm available through CBRE Adelaide and Colliers International.
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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