Auckland commercial property sales activity in decline: CoreLogic

The latest research shows that property sales have decreased over the past three months, according to CoreLogic’s Auckland Cityscope report.

In the three months to November 2016, there were 54 sales for a total of $200.5 million compared with 35 sales for a total of $239.8 million recorded for the three months to August 2016.

There is an increase from the 28 sales at a total of $107.6 million recorded for the three months to May 2016. 

The latest data brings the total sales for the 12 months to $906.4 million, a decrease from the $1.321 billion in sales recorded to the same time last year.

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

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Notable sales in November 2016 update of Auckland Cityscope include:

• 450 Queen Street, comprising of a D-grade office building of five levels including a basement to Queen and Waverley Streets, built in 1974-75 and a four-level (plus two basement levels) extension with the entrance from Waverley Street; built in 1988; which was sold for $39 million;
• Media Design Centre, a 20-storey building at 92 Albert Street, comprising 15 office levels and a two-level retail plaza, completed in 1988, which was sold for $36 million; and
• 43 High Street, an 11-level building including ground and basement retail space, completed in 1973, which was sold for $15.825 million.

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Properties listed as for sale in the November 2016 of Auckland Cityscope include:

• VR Queen Street, at 401 Queen Street, a nine-storey octagonal building plus two basement levels for 27 cars and outside parking for seven cars, completed in 1986, which is available through Barfoot & Thompson;
• Newman Hall, two storeys to Waterloo Quadrant, four storeys down the slope to the rear, was built in 1863 as the Nathan family home, and originally known as Bella Vista, which is for sale by tender closing December 1, 2016 through Whillans Realty Group;
• 350 Queen Street, a nine-storey office building, built in 1982-83 by Mainzeal Construction to a design by the Walker Co-Partnership, which is for sale through a private treaty campaign closing December 6, 2016 through CBRE and Barfoot & Thompson Commercial; and
• Quantum Education Tower, a 13-storey building, built 1976-77 by Fletcher Construction Ltd and refurbished in 1989, which is for sale by private treaty closing December 1, 2016 through Bayleys Auckland Central.

Leasing opportunities in the November 2016 update of Auckland Cityscope include:

• IBM Centre at 82 Wyndham Street, a five-storey commercial building, completed in April 1999, which has office space of 2,579 square metres and 4,228 square metres available for lease through Colliers International and Bayleys Auckland Central;
• ANZ Centre at 23-29 Albert Street, a 42-level reinforced concrete tower block originally built in May 1991 and extensively refurbished in 2013, has newly refurbished office space available for lease on levels 14 and 15 (available in February 2017) and levels 34 to 39 (available mid 2019) through Bayleys Auckland Central; and
• SAP Centre at 67 Symonds Street, a nine-level office tower over a four-level basement car park (233 spaces), which has office space of 1,203 square metres on level 6 and  957 square metres on level seven available for lease through Colliers International.