North Sydney commercial property market update; Citiscope

The latest research from North Sydney Cityscope shows sales have decreased in total value in the quarter to January 2018.

Sales recorded in the most recent quarter totalled $730.3 million from 50 sales, a decrease in total value compared to the $962.3 million from 71 sales in the quarter to October 2017 and an increase from the $539.4 million from 71 sales in the quarter to July 2017.

This quarter brings the twelve-month total value of sales to $2.752 billion, a large increase from the $1.872 billion recorded for the previous year.

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

Notable sales for the January 2018 update of North Sydney Cityscope include:

• Charter Grove at 29-57 Christie Street Mall, Crows Nest, a seven-storey office building over a three-level basement car park for 307 cars and a building area of 14,400 sqm and Charters Grove Sports Complex at 29 Christie Street Mall, Crows Nest, which includes a swimming pool, tennis court and a child care centre, were bought together for a total of approximately $160 million through Savills;
• 73 Miller Street, North Sydney, a 12-storey commercial building with ground floor retail, a restaurant and two levels of basement car parking for 159 cars and with a net lettable area of 14,670 sqm, which was bought for $150 million and
• A half share in the Cisco Systems Building at 201 Pacific Highway, North Sydney, a 10-storey commercial building with 8 additional levels of basement car parking for 262 vehicles and a net lettable area of 16,578 sqm, was bought for $85.8 million. 

Properties listed as for sale in the January 2018 update in the areas covered by North Sydney Cityscope include: 

• The stalled Davenport development at 563-565 Pacific Highway, St Leonards, a development site at excavation stage on a 284 sqm block, which is for sale through Property Fox; 
• 118 Alexander Street, Crows Nest, a single-storey house on a site area of 390 sqm, which is for sale through Property Fox and
• 254 Military Road, Neutral Bay, a two-storey brick building with ground floor retail and a building area of 220 sqm, for sale through Victor Kelly Estate Agent. 

Leasing opportunities in the January 2018 update in the areas covered by North Sydney Cityscope include:

• 141 Walker Street, North Sydney, a 24-storey office building which comprises basement parking for 209 cars, ground floor retail space and landscaped terrace and forecourt, ground and upper ground level shops and restaurant, and 22 floors of offices, which has office space of 200 to 3,755 sqm available through Dexus Property Group; 
• Northpoint at 100 Miller Street, North Sydney, a 32-storey office building of with a two-level arcade of specialty shops and basement parking for 423 cars over 6 levels, has office space of 26 to 941 sqm available through JLL North Sydney and Colliers International and
• 170 Pacific Highway, McMahons Point, a five-storey building with retail space on the ground floor and commercial space on the upper floors, with basement parking for 129 cars, which has office space of 300 to 1,200 sqm available through Cadigal Office Leasing.