Commercial Market Update – Wellington Cityscope
The latest research from Wellington Cityscope shows that commercial property sales have increased in both number and total sales value in the last quarter. For the three months to October 2016, there were 19 sales at a total value of $79.5 million, compared to 9 sales at a total value of $40 million for the previous quarter. The yearly figures show that the number of sales was steady but the total sales value was considerably down.
For the twelve months to October 2016, there were 75 sales at a total value of $404.8 million, compared to 74 sales at a total value of $650.5 million for the previous year.
The table below shows sales recorded for the past eight updates of Wellington Cityscope.
Notable sales in the October 2016 update of Wellington Cityscope include:
- Kaitiaki Building, twin commercial buildings, one of four storeys and the other of fifteen, with retail on the ground floor and basement parking, at 18-32 Manners Street, Te Aro, which sold for $31.35 million
- HP House, a 14-level office building with parking for 33 cars, at 8 Gilmer Terrace, Wellington Central, which sold for $15.35 million
- Police Headquarters and Wellington Central Police Station, a 10-storey building with a six-level car park, at 41 Victoria Street, Wellington Central, which sold for $10.76 million.
Properties listed as for sale in the October 2016 update of Wellington Cityscope include:
- Aviation House, an eight-storey office building with a bar on the ground floor and a basement, at 12 Johnston Street, Wellington Central, available through Paul Hastings & Co
- Stewart Dawson’s Corner, three three-storey retail and commercial buildings, at 360-366 Lambton Quay, Wellington Central, available through Paul Hastings & Co and Savills NZ
- An eight-level office building with a single-storey retail podium, at 8-14 Willis Street, Wellington Central, through Paul Hastings & Co and Savills NZ.
Leasing opportunities listed in the October 2016 update of Wellington Cityscope include:
- Old Bank Shopping Arcade, four historic retail and office buildings, all four or five storeys, at 233-247 Lambton Quay, Wellington Central, which has office space of up to 3,073 sqm for lease through Bayleys Wellington
- An eight-level office building with retail on the ground floor at 8-14 Willis Street, Wellington Central, which has office space of 647 to 3,000 sqm for lease through Colliers International
- MWH House, a four-storey office building with parking for 23 cars, at 123 Taranaki Street, Te Aro, which has office space of 2,835 sqm for lease through Bayleys Wellington.
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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