Commercial Market Update – Sydney Cityscope

The latest research from Sydney Cityscope shows that Sydney CBD commercial property sales for the three months ending May 2015 have increased from the preceding quarter.

There were 97 sales recorded for the most recent quarter with a total value of $1.795 billion, as compared to 86 sales for a total of $1.059 billion for the quarter ending February 2015 and 85 sales for a total of $1.538 billion for the quarter ending November 2014.

For the year ending May 2015, there were 369 sales recorded for a total of $5.973 billion, compared to 363 sales for a total of $4.659 billion for the year ending May 2014.

The table below shows sales recorded for the last eight updates of Sydney Cityscope:

Sydney Cityscope Quarterly Sales

Recent notable sales in Sydney include:

  • Hilton Sydney, a 577-room, five-star hotel of 44 levels, redeveloped over a period of three years, completed and reopened in July 2005, which was bought for $442 million by Bright Ruby Resources Pte Ltd, a Singapore-based Chinese Investment group, in a sale handled by JLL Hotels & Hospitality Group. The vendor, Hilton International Co, will continue to operate the hotel under a 50-year management contract;
  • The 75-year leasehold of Sofitel Wentworth Sydney, a 436-room, five-star hotel of 19 storeys, built in 1966 and last refurbished in 2007, which was bought for $224 million by Frasers Hospitality Real Estate Investment Trust (FH-REIT);
  • 60 Carrington Street, an 18-storey office building completed in 1971 and last refurbished in 1996 with 13,862 sqm commercial space and 686 sqm ground level retail space, which was bought for $118 million; and
  • 309 George, a 13-storey building with 2 basement levels , completed in 1965 and refurbished in 1994 and again in 2005, which was bought for $112.3 million in a sale handled by JLL Sydney and Knight Frank Sydney. The sale represented an initial yield of 6.26% on passing income of $7,028,901.

Properties for sale in Sydney Cityscope in May 2015 include:

  • Bligh House at 4 Bligh Street, a 17-storey office building completed in 1964 and featuring 21 basement parking spaces and ground floor retail space, available through Colliers International and CBRE;
  • Lutheran Church Centre at 17-19 Valentine Street, a three-storey building on a 172-sqm parcel of land, by expressions of interest through Colliers International;
  • A 671-sqm parcel of land at the northern end of the site at 15-31 Parker Street, available through Colliers International; and
  • Unit 1 at 209 Clarence Street, a 192-sqm retail unit with frontage to 350 Kent Street, which is to be auctioned by Metro Commercial.

Properties with space for lease in Sydney Cityscope in May 2015 include:

  • 83 Clarence Street, a 19-storey building with two levels of car parking and two floors of retail space, which has office floor space ranging from 180 to 3,000 sqm for lease through Dexus Property Group and Colliers International;
  • Treehouse, at 227 Elizabeth Street, a 24-level commercial building with two levels of basement parking and retail on the ground and lower ground floors, which has office space of 93 to 9,450 sqm available for lease through Colliers International;
  • No 1 Martin Place at 374-376 George Street, a 24-level office tower with 7 levels of basement parking for 382 cars, which has office space of 485 to 6,500 sqm for lease through DTZ Australia and CBRE; and
  • 1 York, a 25-storey office building with typical floor area of 859 sqm and four levels of basement car parking, which has office space of 80 to 4,860 sqm for lease through CBRE and Colliers International.


Sydney Cityscope Quarterly Sales graph

CoreLogic RP Data Commercial

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 RP Data products call 1300 734 318 or visit the website at

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About Commercial Research

CoreLogic RP Data Commercial Cityscope is a web-based service. Access is sold by geographic regions (Cityscope areas). There are 25 geographic regions across Australia (three in New Zealand), clustered around the cities of Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and Newcastle. Darwin and Hobart CBD centres aren’t covered. Cityscope Areas in NSW and QLD also include lease expiry data for the most complete commercial coverage available. For more information call 1300 734 318.

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