Commercial sales decline in Perth, Canberra

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Commercial sales in the quarter to September declined in both Perth and Canberra, according to CoreLogic’s Cityscope reports.

In Perth, commercial sales slumped to $54.2m, significantly lower than the $158.2m recorded during the June quarter. The difference is more apparent compared to the $643.2m sales recorded in the three months to March.

A substantial decrease was also recorded in Canberra — from $380.2m in June, sales went down to $191.8m.

The two cities, however, recorded an increase in terms of 12-month sales total — from $571.3m to $1.045bn in Perth and from $413.7m to $651.8m in Canberra.

Some notable sales in Perth and Canberra are the following:

Perth Commercial Sales Highlights

  1. A seven-level office building at 180 Hay Street, East Perth was sold for $12.59m. This building has office spaces over four levels, incorporating training and meeting rooms, function rooms, display areas, and multi-level parking for 121 cars behind. The building has a gross floor area of 6,066 square metres and a net lettable area of 4,925 square metres.
  2. A 5,666-square metre paved land currently being used for car parking was sold for $11.25m. The site comprises a single-storey building with on-site parking for 11 cars at 42 Ord Street and a three-storey office building at 44 Ord Street, with parking for 24 cars.

Canberra Commercial Sales Highlights:

  1. The midnight development at 92-96 Northbourne Avenue, Braddon will be a nine-storey building comprising 250 residential apartments, a 180-room Abode Hotel, 2,500-square metre commercial and retail space on the ground level. It has three levels of basement parking. The site was sold for $124.43m.
  2. A six-storey office and retail building at 40 Allara Street was bought for $23m. The building was built in 1973. It has a single-storey annex to the north and basement parking for 17 cars.
  3. A two-storey concrete brick building at 30 Mort Street, Braddon, which was completed in 2007, was bought for $10.6m. It has a built-in docking area and underground parking for 65 cars.

The latest episode of YIP Talk discusses the common commercial property myths every investor should be aware of. Be sure to check it out by clicking here.

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