Commercial Market Update – Eastern Sydney Cityscope
The latest research from Eastern Sydney Cityscope shows property sales have significantly increased in the past three months. Sales recorded in the quarter ending January 2017 totalled $388 million, an increase from both the $120.5 million recorded in October 2016, and the $52.5 million recorded to July 2016. This data brings the 12 month total to $642.9 million, an increase from the $491.8 million recorded the same time last year.
The table below shows sales recorded for the past eight updates of Eastern Sydney Cityscope:
Notable sales listed in the January 2017 update of Eastern Sydney Cityscope include:
- Edgecliff Centre at 203-233 New South Head Road, Edgecliff, a seven-storey office building above a two-storey shopping centre with undercover parking. The centre has a total of 10,850 sqm comprising 2,928 sqm of retail space and 8,083 sqm of office space, was bought for $138.75 million in a sale handled by JLL and Knight Frank. The sale represented an initial yield of 3.72% on passing income of $5,161,500;
- Mill Hill Hotel, a 3-storey hotel building at 59 Oxford Street and four two-storey retail/commercial buildings at 63 Oxford Street, 65 Oxford Street, 67 Oxford Street and 69-69A Oxford Street in Bondi Junction, were bought together as a development site for approximately $40 million in a sale handled by Rebel Property Group;
- 4-10 Bay Street, Double Bay, a four-storey retail and office building with parking for 15 cars and The Fortress at 294-296 New South Head Road, Double Bay, an office building comprising two levels of office and retail space, one residential level and car parking for 13 cars, were bought for $35.325 million.
Properties listed as for sale in the January 2017 update of Eastern Sydney Cityscope include:
- 74 Oxford Street, Paddington, a two-storey building with ground level retail space and a residential apartment upstairs, available through Cubic Real Estate Chatswood;
- Cross Court at 20-26 Cross Street, Double Bay, a two-storey building comprising 34 suites with a net lettable area of 1,065 sqm situated on a 1,265 sqm land, available as a development site through CBRE North Sydney;
- Briad House at 491-493 Elizabeth Street, Surry Hills, a five-storey brick commercial building with net lettable area of 1,075 sqm, has parking for 5 vehicles, available through CMS Real Estate.
Leasing opportunities listed in the January 2017 update of Eastern Sydney Cityscope include:
- 100 William Street, Woolloomooloo, a 24-storey, office building with basement parking has office space of 100 to 587 sqm through Colliers International and CI Australia;
- The Exchange Building, a five-storey mixed use building comprising six retail shops, three levels of commercial space and two levels of basement parking has office space of 474 sqm on level 3 through CBRE South Sydney;
- Warwick Chambers at 145 Redfern Street, Redfern, a two-storey commercial building with retail on the ground has 200 sqm of retail space and 100 sqm of office space through Metro Commercial (Double Bay).
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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