Canberra’s commercial property market has seen a dramatic increase in the value of sales in recent months – from a total value of $44.8 million in the quarter to March 2019 to $380.2 million in the three months to June this year.
The latest research from property analysts CoreLogic shows that Canberra’s commercial property sales have also increased on an annual basis, with the June data bringing the 12-month total to $555.7 million, an increase from the $540.8 million recorded the same time last year.
CoreLogic’s ‘Canberra Cityscope’ states that 17 sales were recorded in the quarter to June 2019, with two sales for more than $100 million.
The highest value sales in the three months to June 2019 included:
- Time Square at 16-18 Mort Street, City
A B-Grade seven-storey building completed in 1992, comprising ground floor retail area, six levels of offices and two basement parking levels for 160 cars, with a total net lettable area of 14,506 sqm, was sold for $108.5 million.
- A half interest in the building at 121 Marcus Clarke Street, City
An 11-storey office building built in mid-2010 with retail space on the ground plus four levels of basement parking for 618 cars and a net lettable area of 26,000 sqm was sold for $102.9 million.
- Finlay Crisp Offices, comprising Nara House at 1-3 Constitution Avenue, City
An eight-storey office building with two levels of basement parking for 80 cars, with a net lettable area of 7,503 sqm; Customs House at 5-11 Constitution Avenue, City, 14-storey office building with two levels of basement parking for 148 cars, with a net lettable office area of 12,098 sqm; and Allara House, a nine-storey office building with three levels of basement parking for 81 cars, with a net lettable office area of 8,926 sqm, were sold together for $62 million.
Commercial properties currently listed for sale according to the Canberra Cityscope report include:
- 27-29 East Row, City
Part of the Sydney Building and built in 1927, this property comprises two 2-storey buildings with 159 sqm on the ground floor and 177 sqm on the first floor. It is for sale through Raine & Horne Commercial Canberra.
- 32 Botany Street, Woden
A two-storey building of 693 sqm with parking to Grenville Court, is for sale through Civium Property Group.
- Two commercial suites in Mode3 Braddon
The six-level building is located at 22 Lonsdale Street, Braddon, with retail on the ground floor, commercial on the first level and residential on the upper floors plus two levels of basement parking. Lot 122, a 376 sqm office suite on level one and 104 sqm space on basement level one, and Lot 126, a 175 sqm office suite on level one and 43 sqm on basement level one, are for sale through Laing & Simmons Commercial.
Leasing opportunities in Canberra referred to in the June 2019 update of Canberra Cityscope include:
- 17 Moore Street, City
A seven-storey office building built in 1987 and refurbished and upgraded in 2017 is available through Colliers International Canberra and JLL Canberra. It has three levels of basement parking for 77 cars and office space ranging from 45 sqm to 4,807 sqm.
- 2 Constitution Avenue, City
A two-section 7-storey office building built in 1986 and refurbished in 2014 is available through JLL Canberra and Knight Frank. It has two levels of basement parking for 203 cars and office space ranging from 326 sqm to 4,988 sqm.
- 33 Allara Street, City
An eight-storey commercial building is available through Colliers International Canberra. It is comprised of ground-level retail space, seven levels of office space and basement parking for 131 cars, with office space ranging from 650 sqm to 5,189 sqm.