Commercial Market Update – Auckland Cityscope

The latest research from Auckland Cityscope shows that property sales have increased over the past three months. In the three months to May 2017, there were 24 sales for a total of $314.5 million, as compared with 39 sales for a total of $149.6 million recorded for the three months to February 2017, and with the 58 sales at a total of $202.7 million recorded for the three months to November 2016.

The latest data brings the total sales for the 12 months to $909.8 million, a decrease from the $1.029 billion in sales recorded to the same time last year.

The table below shows sales recorded for the past eight updates of Auckland Cityscope.

Auckland Cityscope Quarterly Sales

Notable sales in May 2017 update of Auckland Cityscope include:

  • BDO Centre, a complex of two commercial buildings of six-storeys separated by an enclosed atrium connected by air bridges, known as Building A at 4 Graham Street, which was bought for approximately $115.8 million and Building B at 2 Graham Street and a retail component on Hardinge Street known as Building C, which was sold for approximately $88.3 million in a deal brokered by Bayleys;
  • A land parcel of 1,892 sqm which was known as Queen Elizabeth Square was purchased by the developer, Precinct Properties for $27.2 million under an unconditional contract being part of the Commercial Bay development, comprising of a 39-level office tower and a 18,000 sqm retail centre; and
  • The Graduate School of Business at 1-11 Short Street, a building of 4, 7 and 8 storeys plus two basement parking levels for 46 cars, built in 1971 on a 1,342 sqm site, which was sold for $17 million.

Properties listed as for sale in the May 2017 of Auckland Cityscope include:

  • 117 Vincent Street, a building of three levels including basement parking for 10 cars and outside parking for 8 cars, completed in 1965 with a gross floor area 760 sqm, for sale through Bayleys;
  • 205 Queen, comprising of Tower One and Two, two office towers built over a two-storey retail podium and two levels of basement parking for 212 cars on a 3,764 sqm site, for sale via an expressions of interest closing 1st June 2017 through CBRE; and
  • Unit CU7 at Shed 24 of Princes Wharf, 137-147 Quay Street, a commercial space of 425 sqm on level 1, for sale through Bayleys.

Leasing opportunities in the May 2017 update of Auckland Cityscope include:

  • SAP Centre, at 67 Symonds Street, a nine-level office tower over a 4-level basement car park (233 spaces) and net lettable area of 7,170 sqm, which has office space on levels 6 and 7 available through Colliers International NZ;
  • Radio Network House, at 54 Cook Street, a five-storey office building with ground level parking for 33 cars, which has office space of 1,237 to 3,908 sqm available through Colliers International NZ; and
  • Taylors College Building, at 75 Karangahape Road, a nine-level building including two basements parking for 32 cars, which has retail and office space ranging from 250 to 2,000 sqm available through Bayleys.

 

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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