The latest research from Wellington Cityscope shows that commercial property sales have increased slightly in total sales value in the last quarter. For the three months to October 2018, there were 23 sales at a total value of $271.2 million, compared to the 29 sales at a total value of $227.7 million for the previous quarter. For the twelve months to October 2018, there were 89 sales at a total value of $872.4 million, compared to 62 sales at a total value of $430.8 million for the previous 12 months.

The table below shows sales recorded for the past eight updates of Wellington Cityscope.

Wellington Commercial sales grid

Notable sales in the October 2018 update of Wellington Cityscope include:

  • Spark Central at 42-52 Willis Street, Wellington Central, two 5-Green Star rated 12-storey buildings linked by a glass atrium completed in late 2011 with a total net lettable area of 27,965 sqm, which was sold for $197.5 million;
  • McKenzies Building at 222-236 Willis Street, Te Aro, two older buildings of five and six storeys, merged, with a restaurant on the ground floor which was refurbished externally in early 2011 and in 2014, which was sold for $28.3 million and
  • 74-78 Courtenay Place, Te Aro, a two-storey retail building with a metallic facade, built in 1919 and refurbished circa 2000 and strengthened to 70% of new building standard in 2018, was sold together with Victory Buildings, at 66-70 Courtenay Place, Te Aro, two storeys, with four shops on the ground floor and gross floor area 1,240 sqm which was built 1919 and upgraded in the 1980s plus strengthening of up to 70% of new building standard in 2018, was sold for a total of $8.5 million.
Wellington Cityscope graph

Properties listed as for sale in the October 2018 update of Wellington Cityscope include:

  • Champerelle Building at 6 Edward Street, Te Aro, a three-storey former factory/warehouse built in 1905 and partially converted to cocktail bar in 1998 with upper floors now used as residential apartments, which is available through Colliers International;
  • 9-11 Garrett Street, Te Aro, part of Bute Street car park on paved land on a 313 sqm block, which is available through Colliers International;
  • Level 9 at 57 Willis Street, Wellington Central , a whole office floor of 700 sqm, which is available through The Agency Group and
  • Unit G1, at 140-144 Vivian Street, Te Aro, a 397 sqm retail unit on the ground level, which is available through Bayleys Wellington.

Leasing opportunities listed in the October 2018 update of Wellington Cityscope include:

  • Willeston Centre at 22-28 Willeston Street, Wellington Central, 16 storeys to Victoria Street and 7 storeys to Willeston Street, opened in July 1980 and has a net lettable area of 10,237 sqm, which has office space ranging from 1,239 to 2,362 sqm available for lease through Bayleys Wellington;
  • Aon Centre at 1 Willis Street, Wellington Central, a 23-storey, 102m tall steel-framed office building above an underground retail arcade in a complex comprises retail space and foyer on the ground floor, 22 upper office floors and two basement levels of car parking with 177 bays, which has office space on levels 23, 24, 25 and 26 available through Colliers International and
  • 111 Customhouse Quay, Wellington Central, a nine-storey office building comprising ground floor retail, eight office floors and basement parking for nine cars, which has office space on levels 3, 4, 6, 7 and 8 available through Colliers International.