The latest research from Wellington Cityscope shows that commercial property sales have decreased significantly in total sales value in the last quarter. For the three months to January 2020, there were 22 sales at a total value of $115 million, compared to the 23 sales at a total value of $208.3 million for the previous quarter. For the twelve months to January 2020, there were 84 sales at a total value of $447.7 million, compared to the 85 sales at a total value of $719 million for the previous 12 months.
The table below shows sales recorded for the past eight updates of Wellington Cityscope.
Notable sales in the January 2020 update of Wellington Cityscope include:
- Three adjoining properties occupied by Capital City Ford as car sales and service buildings at 87-109 Taranaki Street, at 9-11 Jessie Street and 13 Jessie Street, Te Aro, with a combined site of approximately 7,500 sqm were bought as a development site for $25 million;
- 188-208 Victoria Street, Te Aro, vacant land of 3,433 sqm operated as a car park by Wilson Parking and 263-269A Willis Street, Te Aro, a single storey shop with loading bay, parking and storage areas on a site of 703 sqm, were bought together as a development site for $18.7 million and
- Two buildings of 12-storeys and 8-storeys with integrated facades and upper levels at 126-136 Lambton Quay and 45-61 The Terrace, Wellington Central, originally built in 1958 and refurbished in 1998, comprised of shops on both frontages and has a total lettable area of 7,213 sqm, were bought for $15 million.
Properties listed as for sale in the January 2020 update of Wellington Cityscope include:
- Unit 8 at 82 Willis Street, Wellington Central, office space of 156 sqm on level 4, for sale through Colliers International and
- Unit 1 at 12-14 Haining Street, Te Aro, a ground level commercial space of 123 sqm, for sale through Colliers International and
- Unit 2C at 76-84 Victoria Street, Wellington Central, an office space of 454 sqm on level 2, for sale through Bayleys.
Leasing opportunities listed in the January 2020 update of Wellington Cityscope include:
- 26 The Terrace, Wellington Central, a six level building resulting from a rebuild and extension of the former NZMA House, originally a 3-storey office building, built in 1938 with a gross floor area 740 sqm and extended to 6 levels at a cost of $7.7m in 2017. The shell of the old building was retained and incorporated into the new building, which has office space on levels 1, 2 and 3 available through Colliers International;
- Redshield House, at 78 Boulcott Street, , Wellington Central, an office building of 16 levels including two floors of basement parking for 42 vehicles, built in 1982 and last refurbished in late 2018 with a net lettable area of 7,235 sqm, has office space on levels 3 to 6 available through Bayleys Wellington and
- 80 The Terrace, Wellington Central, 19 floors including basement, ground and mezzanine levels. The building completed in 1990 and last refurbished in 2014, has four levels of car parking for 139 cars and a net floor area 10,554 sqm, has office space ranging from 389 to 1,175 sqm for lease through Colliers International.