Commercial Market Update - Auckland Cityscope

Date: 20 August 2019

Commercial Market Update - Auckland Cityscope

The latest research from Auckland Cityscope shows that property sales value have decreased over the past three months. 

In the three months to August 2019, there were 24 sales for a total of $107.6 million, as compared with 28 sales for a total of $410 million recorded for the three months to May 2019, and with the 28 sales at a total of $296.7 million recorded for the three months to February 2019.

The latest data brings the total sales for the 12 months to $1.176 billion, a significant decrease from the $2.189 billion in sales recorded to the same time last year. 

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

Notable sales in August 2019 update of Auckland Cityscope include: 

  • General Buildings at 33 Shortland Street, Auckland Central
    An 8-storey C-grade office building. Designed for the Yorkshire Insurance Co by W R Bloomfield in 1928. An extension matching the original was completed in 1979. The building which has a typical floor area 578 sqm and a net lettable area 5,487 sqm, was bought for  $42 million; 
  • 93-95 Anzac Avenue, Auckland Central
    An office and retail building extended from 7 to 8 storeys in 2015 and strata subdivided in April 2016 into 32 lots and were bought in one line for $19.33 million and 
  • Ten Twelve Federal at 8 Wolfe Street, Auckland Central
    A 6-storey building built in the 1920s, refurbished in 1996 and in 1998 with a gross floor area of 900 sqm, which was bought for $8.35 million. 

Properties listed as for sale in the August 2019 of Auckland Cityscope include:

  • 222 Hobson Street, Auckland Central
    A three level building including basement parking for nine cars, built circa 1960 with a gross floor area of 910 sqm, for sale through Barfoot & Thompson City Commercial; 
  • 375 Karangahape Road, Auckland Central
    A three-level building, refurbished in May 2015 with a net lettable area  of 543 sqm, for sale through Barfoot & Thompson City Commercial; 
  • A 2-storey workshop and office building on a 634 sqm site which comprises of principal unit A known as 13 Galatos Street being the upper floor of 351 sqm and principal unit B known as 4 South Street being the ground floor of 347 sqm, for sale in one line through CBRE Auckland and
  • Princes Court at 2 Princes Street, Auckland Central
    A 5-storey commercial building with basement parking for 29 cars, was built in 1967 and facade was refurbished in 2004, has a net lettable area of approximately 2,804 sqm on a 1,121 sqm site, for through Colliers International NZ.  

Leasing opportunities in the August 2019 update of Auckland Cityscope include:

  • DDB Tower at 80 Greys Avenue, Auckland Central
    A 10-level office tower comprising 8 office floors and 2 parking levels for 115 cars, completed in 1985. Refurbished in October 1995 and in 2005. The building which has a gross floor area of 7,400 sqm has office space on levels 3 to 7 available through Barfoot & Thompson City Commercial; 
  • The QBE Centre at 125 Queen Street, Auckland Central
    A 30-level building, completed at an estimated $40-45 million in 1986 and with a public viewing deck at the top level. The building had a major refurbishment completed in October 2017 and has office space on levels 4, 6 to 11, 17 to 19, 23 and 27, available through Barfoot & Thompson City Commercial and Bayleys Auckland Central and
  • Vero Centre at 48 Shortland Street, Auckland Central
    A 40-level building, completed in September 2000 at a cost of $247 million. The 167m tall building includes a 4-level parking station (386 spaces) to Fort Street and a net lettable area of 39,578 sqm; which has office space on levels 7, 8, 17, 33, 35 and 37 available through Barfoot & Thompson City Commercial. 

Tags: Property, Real Estate, Property Market


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