Cityscope News - April 2024

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to April 2024 have significantly increased in terms of total value. Sales recorded in the most recent quarter totalled $158.9 million from 13 sales, as compared to the $30.4 million from 15 sales in the quarter to January 2024 but a decrease from the $191.2 million from 26 sales recorded in the quarter to October 2023. This quarter brings the twelve-month total value of sales to $547.4 million from 93 sales, a large decrease from the $2.042 billion from 135 sales recorded for the previous year.

Notable Sale: 124 Walker Street, North Sydney, an 18-storey commercial building with basement parking for 80 cars, completed in 1974. Refurbished mid 1992, 2003 and 2023. The building has a net lettable area of 11,005.7 sqm, typical floor plates of 540 sqm and a site area of 1,359 sqm, which was bought for $95.5 million.

Pyrmont/Ultimo Cityscope

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value have decreased in the past three months. Sales recorded in the quarter to April 2024 totalled $84.8 million from 28 sales, a decrease compared to the $105.1 million from 16 sales recorded in the previous quarter but an increase compared to the $68.2 million from 38 sales recorded in the quarter to October 2023. This data brings the twelve-month total to $298.7 million from 102 sales, a decrease from the previous twelve-month total of $423.5 million from 95 sales.

Notable Sale: Ovolo 1888 Darling Harbour Hotel at 139 Murray Street, Pyrmont, a five-storey brick building, originally built in 1888 and re-developed in 2013 into a hotel providing 90 rooms, a wine bar, a private dining room, board room and a guest laundry, which was bought for about $55 million through CBRE Hotels.

Eastern Sydney Cityscope

The latest research from Eastern Sydney Cityscope shows commercial property sales values have increased in the past three months. Sales recorded in the quarter to April 2024 totalled $665.9 million from 29 sales, a large increase from the $33.1 million from 15 sales recorded in the quarter to January 2024 and from the $97 million from 19 sales recorded in the quarter to October 2023. This data brings the 12-month total to $917 million, an increase from the $844.1 million recorded the same time last year.

Notable Sale: InterContinental Sydney Double Bay at, 33 Cross Street, Double Bay, a five-star, five-level boutique hotel with a 37-shop retail area (The Promenade), a dining and ballroom area, a conference room, four floors of residential units, 140 hotel suites and two levels of basement car parking for 156 cars on a block of 3,674 sqm, bought for more than $215 million through CBRE Sydney and Colliers - Sydney.

Sydney Units Cityscope

The latest research from Sydney Units Cityscope shows that apartment sales in Sydney's CBD have increased in total sales value in the last quarter. The last three months to April 2024 recorded 109 sales for a total of $186.6 million, an increase from the 73 sales for a total of $143.5 million recorded in the quarter to January 2024 but a decrease from the 162 sales for a total of $249.1 million recorded in the quarter to October 2023. The 12 months leading up to April 2024 recorded 520 sales for a total of $877.1 million, a decrease from the 666 sales for a total of $1.37 billion, for the same time period the year before.

Notable Sale: Unit 104 at Bennelong (No 1 Macquarie St), 1 Macquarie Street, Sydney, a 283 sqm apartment including balconies on level 10 and a 49 sqm car park on basement parking level 4, which was bought for $10.65 million through Sotheby's International Realty.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to April 2024 have decreased in terms of total value. For the three months to April 2024, a total value of $31.6 million was recorded from 16 sales, a decrease compared to the total value of $154.3 million from 69 sales in the three months to January 2024 but an increase from the $19.9 million from 21 sales in the three months to October 2023. This data brings the 12-month total to $255 million from 127 sales, an increase from the $94.8 million from 84 sales recorded the same time last year.

Notable Sale: 28 Brookhollow Avenue, Norwest, a single and two-storey office and warehouse building on a block of 7,249 sqm, sold for $16.1 million through Colliers - Sydney West.

VIC

St Kilda Road Cityscope

The latest research from St Kilda Road Cityscope shows property sales' value has increased in the past three months. Sales recorded in the three months to April 2024 totalled $274.6 million from 184 sales, an increase compared to the $92.8 million from 150 sales recorded in the previous quarter to January 2024 and the $116.9 million from 58 sales recorded in the three months to October 2023. This data brings the 12-month total to $702.2 million from 557 sales, an increase from the $540.6 million from 675 sales recorded over the previous year.

Notable Sale: The sale of 2 Bowen Crescent, Melbourne, a six-level, 463-space concrete parking station with a ground-floor shop on a 1,821 sqm block, which has approval for the development of a 19-storey apartment building, was settled recently for $42.41 million.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has increased with 11 sales for a total of $91.2 million for the quarter to April 2024, compared to the 8 sales of $6.1 million for the previous quarter, and from the 7 sales of $36.8 million for the quarter to October 2023. This brings the 12-month total of $369.2 million from 34 sales, a large increase from the $26 million from 39 sales for the previous year.

Notable Sale: Four Points by Sheraton at 443-451 Docklands Drive, a 15-storey hotel with 273 rooms, completed and opened in March 2017, which was bought for over $86.55 million.

Eastern Melbourne Cityscope

The latest research from Eastern Melbourne Cityscope shows property sales have decreased in the past three months in total sale value. Sales recorded in the quarter ending April 2024 totaled $26.6 million from 26 sales compared to the $35.3 million from 10 sales in the quarter ending January 2024 and a large decrease from the $234.2 million from 25 sales in the quarter ending October 2023. This data brings the 12-month total to $673.8 million which shows an decrease compared with the $ 677.1 million recorded over the same period of the previous year.

Notable Sale: 117-119 Church Street, Hawthorn, a 526-sqm office building of two storeys to Church Street plus lower ground parking for 15 cars with room for a total of 15 cars on a paved area to the front of the building, on a block of 463 sqm, which was bought for $3.8 million through GormanKelly - Hawthorn.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in both sales value and volume have decreased in the past three months. Sales recorded in the quarter to April 2024 totalled $36.5 million from 10 sales, a decrease compared to the $60.2 million from 23 sales in the three months to January 2024 and a slight increase from the $34.4 million from 16 sales in the three months to October 2023. This data brings the twelve-month total to $305.9 million from 78 sales, a decrease from the previous twelve-month total of $621.5 million from 80 sales.

Notable Sale: The Joinery at 111-129 Franklin Street, former Adelaide Bus Terminal; comprising a 2 and 1-level brick building to the corner of Franklin and Bowen Streets with parking areas to the rest of the site of 2,440 sqm; a small strip of land off Bowen Street; 99-107 Franklin Street, a 479 sqm vacant land and UPark Andrew at 2-8 Andrew Street, a 72 spaces car park operated by City of Adelaide, built late 2021, which were bought together for $27.1 million.

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