Commercial Market Update – Christchurch Cityscope

The latest research from Christchurch Cityscope shows that commercial sales activity in Christchurch has increased in the past three months.

Sales recorded in the three months to June 2015 totalled $38 million, an increase from the quarter ending March 2015 when sales totalled $29.8 million but a decrease from the quarter ending December 2014 when sales totalled $74.7 million.

The latest data brings the twelve-month sale total to $182.4 million, a decrease from the previous 12 months when sales totalled $315.3 million.

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

Christchurch Cityscope Quarterly Sales

Recent notable sales include:

  • The Pacific Tower Apartments at 164-166 Gloucester Street, a 23-level apartment building, 15 storeys of which are occupied by the four-and-a-half-star Rendez Vous Hotel, was bought for $20 million.
  • Vacant land with a site area of 1,643 sqm at 158 Hereford Street was bought for $6,107,500.
  • Vacant land being used as a car park, at 199-201 Madras Street, with a site area of 2,036 sqm was bought for $2.5 million.

Properties for sale in Christchurch in June 2015 include: 

  • Pentax House, at 124-126 Peterborough Street, a three-storey plus mezzanine besser-brick building with a net lettable area of 668 sqm and a site area of 424 sqm is for sale through Cowdy and Ray White Commercial.
  • Vacant cleared land at 174 High Street with a site area of 172 sqm is for sale through MB Cook.
  • Worcester Chambers, at 69 Worcester Street, a 2-storey historic brick office building with a net lettable area of 740 sqm is for sale through CBRE.

Significant leasing opportunities in Christchurch in June 2015 include: 

  • Office space of 685 sqm in a new development at 47 Hereford Street in a new development is  available for pre-lease through Whalan and Partners Ltd, NAI Harcourts Christchurch and Bayleys Canterbury-Commercial.
  • Office space from 140 – 1,248 sqm in a proposed development at 167 Victoria Street available for pre-lease through Cowdy & Co Ltd and Bayleys Canterbury-Commercial and JLL Christchurch.

Christchurch 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 www.corelogic.com.au/products/cityscope.


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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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