The latest research from Wellington Cityscope shows that commercial property sales volume has decreased significantly in total sales value from the last quarter. For the three months to October 2020, there were 5 sales at a total value of $6 million, compared to the 12 sales at a total value of $138.8 million for the previous quarter. For the twelve months to October 2020, there were 61 sales at a total value of $351.7 million, compared to the 81 sales at a total value of $442.3 million for the previous 12 months.

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

Cityscope Wellington Quarterly Sales table

A notable sale in the October 2020 update of Wellington Cityscope includes:

  • 18-22 Courtenay Place, Te Aro, a 3-storey building, originally a 2-storey retail and office building erected 1907, once Students' Union House, was strengthened and had the penthouse added in 1988. The corner property with a second frontage at 32 Blair Street on a 322 sqm block was sold for $3 million.
Cityscope Wellington Quarterly Sales chart


Properties listed as for sale in the October 2020 update of Wellington Cityscope include:

  • Vivian Street Residence at 146-148 Vivian Street, Te Aro, a two-storey hotel converted from a building with retail premises on the ground floor, and four flats on the upper floor built in the 1950s. The property, with a total building area 385 sqm, has five car spaces to the rear on a 392 sqm site, which is for sale through Bayleys Wellington; 
  • The Bible Society Building at 144 Tory Street of four storeys, constructed in 1989 with a building area of 1,010 sqm on a site area of 453 sqm and to Sages Lane, a 709 sqm vacant block of land (currently a paved parking area for 26 car spaces), are for sale separately by tender through Colliers and 
  • Unit G4 at Radio New Zealand House, 155 The Terrace, Wellington Central, which comprises of two shops on the upper ground floor of 436 sqm, along the southern side of the building with frontage to The Terrace, which is sale by tender through Gollins Commercial Ltd.

 

Leasing opportunities listed in the October 2020 update of Wellington Cityscope include:

  • Cornerstone House at 36 Customhouse Quay, Wellington Central, a 14-storey office building, completed 1987 and extensively refurbished including a full seismic upgrade in mid-2019. The property has a building area of 9,150 sqm with parking on the first three floors and the top floor residential, which has office space of 524 sqm on level 6 and 185 sqm on level 12 for lease through Colliers International;
  • James Smiths Corner at 49-69 Cuba Street, Te Aro, a conglomerate of five buildings ranging in height from three-storeys to five storeys on the corner of Cuba and Manners Streets. The basement comprises 500 sqm of retail and bar space plus parking; the ground and first floors are market stalls; the second and third floors are office space and in 2019 the fourth floor was converted to 10 apartments, known as HiAtlas Apartments. The property has office  space ranging from 400 - 500 sqm on level 1 and 1,100 - 1,400 sqm on level 3 for lease through Bayleys Wellington and 
  • Simpl House at 40 Mercer Street, Pipitea, a 16-level office building with ground floor retail, 13 floors of office space and basement parking for 22 cars, completed in February 1991, which has office space of 417 sqm on level 4, 229 sqm on part of level 5 and 228 sqm on part of level 7 for lease through Bayleys Wellington.