Commercial Market Update – Pyrmont-Ultimo Cityscope

This quarterly update of Pyrmont-Ultimo Cityscope shows an increase in total sales value, with a total of 24 sales at a value of $523 million, compared to 26 sales at a total value of $26.8 million for the quarter ending January 2017. The 12-month total sales figure stands at $698.1 million for the year ending April 2017, with 146 sales recorded over that period. This is in comparison to the previous 12 months when the year ending April 2016 had 167 sales, totalling $541.8 million

The table below shows sales recorded for the last eight updates of Pyrmont-Ultimo Cityscope:

Notable sales in the areas covered by Pyrmont-Ultimo Cityscope for the April 2017 update include:

• Unilodge @ The Steps at 6 Central Park Avenue, Chippendale, a 14-storey student accommodation building comprising 688 apartments, retail space on the ground level, and 183 bike spaces, Unilodge @ Central Park at 9-15 Kensington Street, Chippendale, an eight-storey student accommodation building, completed in February 2015 and 50 Kensington Street part of the Unilodge @ Central Park, comprising a 4-storey building, originally a single-storey high-clearance brick warehouse extended by three levels in 2015, were bought for about $400 million;
• All commercial units, comprising units 1-7 in the building at 235 Pyrmont Street, Pyrmont, an eight-storey warehouse conversion commercial building which was extensively refurbished in 2011 with a total net lettable area of 10,399 sqm and 30 car spaces in the M Central Car Park, were bought for $81 million through CBRE.

Properties listed as for sale in the April 2017 update of Pyrmont-Ultimo Cityscope include:

• 315-317 Glebe Point Road, Glebe, a two- storey brick building with three ground floor shops and residential on upper floor on with the site area of 455 sqm for sale through CMS Real Estate;
• The Castle Connell Hotel on a 183 sqm site at 63 Kensington Street which is part of the Block 11 development, is for sale separately through expressions of interest closing May 12, 2017 by Karbon Property and
• 39-47 Regent Street, Chippendale, a six-storey commercial building with a site area of 673 sqm for sale through expressions of interest closing May 25, 2017 by CBRE Sydney and Savills – Sydney CBD.

Leasing opportunities listed in the April 2017 update of Pyrmont-Ultimo Cityscope include:

• 385 Wattle Street, Ultimo two adjoined single-storey brick warehouse buildings, each with a loading dock to Blackwattle Lane has warehouse/office space ranging from 500 to 1,170 sqm for lease through Knight Frank – Sydney South;
• Network 10 Headquarters and City West Office Park, a group of three buildings set around a central landscaped area, has office space ranging from 328 to 1,480 sqm in Building B & C for lease through Goodmam Australia, Fringe Commercial and Knight Frank Sydney and
• 37-69 Union Street, a low-rise office complex on a triangle island site comprising 11 office units over three to four levels aligned with the sloping street contour and a central gated car parking courtyard on each level of the ground and lower ground levels providing for 42 vehicles, has suites 6, 9, 10 & 11 for lease through Deans Property – Broadway.

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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Source: CoreLogic Feed