Commercial Market Update – Wellington Cityscope

The latest research from Wellington Cityscope shows that commercial property sales have declined over the last quarter. There were 16 sales at a total value of $106.1 million for the most recent quarter, compared to 25 sales at a total value of $143.4 million for the quarter to January 2016, and 25 sales at a total value of $124.9 million for the quarter to October 2015. The 12 month figures have increased, though, with 90 sales at a total value of $630.1 million for the year to April 2016, compared to 55 sales at a total value of $412.5 million over the previous year.

Wellington Cityscope Quarterly SAles

Notable sales in the April 2016 update of Wellington Cityscope include:

  • Ibis Wellington, a 10 level hotel with 200 guestrooms and basement parking for 21 cars at 153 Featherston Street, Wellington Centra, which sold for $34 million;
  • Novotel Capital Wellington, a 14 level hotel with 139 guestrooms and three levels of basement parking at 131-137 The Terrace, Wellington Central, which sold for $33 million; and
  • NEC House, two merged nine level buildings with retail on the ground floor, commercial space on the upper floors and basement parking for 28 cars at 40 Taranaki Street, Te Aro, which sold for $12 million.

Properties for sale in the April 2016 update of Wellington Cityscope include:

  • HP House, a 14 level office building with parking for 33 cars at 8 Gilmer Terrace, Wellington Central, available through Colliers International and CBRE;
  • A 15 level building with retail on the ground floor, office space on the upper levels and basement parking at 18-32 Manners Street, Te Aro, available through CBRE and Colliers International; and
  • Prime Property Tower, a 15 level building with basement parking for 26 cars at 86-90 Lambton Quay, Wellington Central, available through Bayleys Wellington.

Wellington Cityscope Quarterly SAles graph

Leasing opportunities in the April 2016 update of Wellington Cityscope include:

  • An eight storey office building with basement parking for 43 cars at 142-146 Wakefield Street, Te Aro, which has office space of around 6,000 sqm available through CBRE and Bayleys Wellington;
  • MWH House, a four storey office building with parking for 23 cars at 123 Taranaki Street, Te Aro, which has office space of 2,835 sqm available through Bayleys Wellington; and
  • A 12 storey office building with retail on the ground floor at 173-175 Victoria Street, Te Aro, which has office space of up to 1,400 sqm available through Bayleys Wellington.

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 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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