Commercial Market Update – Wellington Cityscope
The latest research from Wellington Cityscope shows that commercial property sales have increased in total sales value in the last quarter. For the three months to January 2017, there were 18 sales at a total value of $110.6 million, compared to 20 sales at a total value of $81.1 million for the previous quarter. The yearly figures show that both the number of sales and the total sales value has decreased considerably. For the twelve months to January 2017, there were 66 sales at a total value of $358.2 million, compared to 89 sales at a total value of $669.5 million for the previous year.
The table below shows sales recorded for the past eight updates of Wellington Cityscope:
Notable sales in the January 2017 update of Wellington Cityscope include:
- The leasehold sale of ASB Bank Tower at 2-16 Hunter Street, Wellington Central, a 16-storey building with basement, completed in March 1988. The building, designed by Craig Moller and built by Mainzeal, is joined by a glass atrium on Hunter Street, with a total building area of 8,721 sqm comprising 299 sqm of ground floor retail space, 14 upper floors providing 8,062 sqm of lettable office space and a 360 sqm rooftop apartment, which sold for $32 million;
- Unit A, 15-21 Dixon Street, Te Aro, all of the building except the club on levels one and two and common property with a total floor area of 6,168 sqm, which sold for $21.25 million; and
- 57-79 Vivian Street, Te Aro, a three-storey building, originally an EDS data processing centre, converted to retail and office space and was externally refurbished in 2016, which sold for $17 million.
Properties listed as for sale in the January 2017 update of Wellington Cityscope include:
- Unit 9 at 66 Tory Street, Te Aro, a bar and restaurant on the ground level of a five-storey residential building, available through Bayleys Wellington;
- Paramount Theatre at 25-29 Courtenay Place, Te Aro, a two-storey neo-classical building built in 1917 to a design by James Bennie, available through Colliers International; and
- Unit 11 at 79-81 Ghuznee Street, Wellington Central, a ground level retail space of a five-storey apartment building, available through Colliers International.
Leasing opportunities listed in the January 2017 update of Wellington Cityscope include:
- Sparks Central at 48-52 Willis Street, Wellington Central, two 12-storey office and retail buildings linked by a glass atrium, which has office space of 1,177 sqm available through Colliers International; and
- MWH House at 123 Taranaki Street, Te Aro, a four-storey office building with parking space for 23 cars, which has office space on levels one to three available through 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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