Commercial Market Update – Sydney Cityscope
The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales for the three months ending November 2016 have decreased from the preceding quarter. There were 106 sales recorded for the most recent quarter with a total value of $1.026 billion, as compared to 89 sales for a total of $1.848 billion for the quarter ending August 2016 and 99 sales for a total of $2.118 billion for the quarter ending May 2016.
For the year ending November 2016, there were 385 sales recorded for a total of $7.325 billion, compared to 378 sales for a total of $7.134 billion for the year ending November 2015.
The table below shows sales recorded for the last eight updates of Sydney Cityscope:
Recent notable sales in Sydney include:
- The Colonial Building at 39 Martin Place, a 22-storey comprising 20 levels of office space, two arcade levels of shops plus 2 levels of basement car parking for 68 cars and the leasehold interest in the Martin Place Shopping Circle, a single-level underground retail arcade underneath Martin Place, were bought for $332 million as part of the acquisition for the Sydney Metro Project;
- 140 Sussex Street, an A-grade 15-storey office and retail building over two basement parking levels for 60 cars with a building area of 11,742 sqm was bought for $130 million;
- The ACE Building at 28 O’Connell Street, a 15-storey building completed in 1974 and refurbished in 2002 with a net office area of 6,6109 sqm, was bought for $91 million and
- 333 Kent Street, a nine-storey office building plus two levels of car parking for 41 cars completed in 1985 with a net lettable area of 8,938 sqm, was bought for approximately $89 million.
Properties for sale in Sydney Cityscope in November 2016 include:
- 296 George Street, Sydney, a three-storey building constructed in 1846, once Skinners’ Hotel, with a net lettable area of 423 sqm, for sale through CBRE Sydney;
- Suite 2 of Manufacturer’s House at 12 O’Connell Street, Sydney, a 294 sqm retail unit on mezzanine level in a nine-storey brick office building, for sale through Gerard Cole Property Consultants and
- 66 Druitt Street, Sydney, a three-storey shop and office building on a 76 sqm block, for sale through Colliers International;
Properties with space for lease in Sydney Cityscope in November 2016 include:
- Exchange Centre at 20 Bridge Street, Sydney, a 16-level commercial building with ground floor retail and two levels of basement parking for 34 cars, has office space ranging from 200 to 2,300 sqm available for lease through Knight Frank Sydney and Investa Property Group;
- 33 Erskine Street, Sydney, a ten-storey office building with lower ground floor parking for 23 cars, has office space ranging from 600 to 2,100 sqm available for lease through Knight Frank Sydney;
- 20 Martin Place, Sydney, a 23-level office building with retail space on the ground floor, extensively refurbished in mid-2016, has office space ranging from 383 to 2,430 sqm available for lease through CBRE Sydney and
- 9 Hunter Street, Sydney, a 21-storey office building comprising a one-level gymnasium and sports centre completed in 1983 and refurbished in 2014, has office space ranging from 604 to 4,398 sqm available for lease through Knight Frank Sydney and Colliers International Sydney.
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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