Wellington

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The latest research from Wellington Cityscope shows that commercial property sales have decreased in total sales value in the last quarter, according to CoreLogic's latest cityscope.
The property data firm says that for the three months to July 2017, there were 13 sales at a total value of $95.5 million, compared to the same number of sales at a total value of $170.1 million for the previous quarter.
For the twelve months to July 2017, there were 67 sales at a total value of $462.7 million, compared to 83 sales at a total value of $451.9 million for the previous 12 months.
The table below shows sales recorded for the past eight updates of Wellington Cityscope.
<a href="https://www.propertyobserver.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.49.44%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.49.44%20am.jpg" alt="">
Notable sales in the July 2017 update of Wellington Cityscope include:
<ul>
<li>49-61 Tory Street, Te Aro, four interconnected office buildings, three of six-storeys, one of five-storeys, built in a more or less U-shape around a bitumen road and which were refurbished in 2015 with parking area for 100 vehicles and building area of 14,414 sqm, which sold for $56 million;</li>
<li>Unit 1, 148-176 Wakefield Street, Te Aro, the James Smith Car Park building of eight levels, which sold for $18.5 million and</li>
<li>138 The Terrace, Wellington Central, 10 levels office building including basement parking with 19 spaces accessed via Rosina Fell Lane under the motorway off-ramp to the rear, which sold for $7.51 million.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.50.35%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/14/Screen%20Shot%202017-07-14%20at%2010.50.35%20am.jpg" alt="">
Properties listed as for sale in the July 2017 update of Wellington Cityscope include:
<ul>
<li>Unit 2, 76-86 Manners Street, Te Aro, a whole of level two comprising 405 sqm of commercial space, for sale by deadline private treaty through Colliers International;</li>
<li>Mountain Safety House, at 19 Tory Street, Te Aro, once British Cars House, built 1905 and renovated in 1987, a four-storey brick office building with a penthouse on top, for sale by deadline private treaty through Colliers International; and</li>
<li>6 College Street, Te Aro, a three-storey building with a warehouse and shop on the ground floor and two office floors above, built in the 1970s, for sale by deadline private treaty through Colliers International.</li>
</ul>
Leasing opportunities listed in the July 2017 update of Wellington Cityscope include:
<ul>
<li>Reserve Bank of New Zealand Building, at 2 The Terrace, Wellington Central, 17 levels, built 1972 consisting of a podium of four levels topped by an office tower of 13 levels, which has office space of ranging from 915 sqm to 4,575 sqm available through Colliers International;</li>
<li>1-9 Victoria Street, Mt Cook, the former ANZ National Bank House, a 12-storey, glazed, concrete office tower, completed early 1985, which has office space ranging from 300 sqm to 6,500 sqm available through Colliers International.</li>
<li>Thinktankz House, 25-27 Vivian Street, Te Aro, a four-storey office building, with a workshop and parking space for 20 cars on the ground floor, has office space on ground, levels 1, 2 and 3 available through NAI Harcourts and Bayleys.</li>
</ul>
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Commercial sale turnover in Wellington, New Zealand: CoreLogic

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Commercial property sales rose by value in the last quarter, according to CoreLogic’s latest Wellington Cityscope.
The property data firm says that for the three months to April 2017, there were 12 sales at a total value of $161.8 million, compared to 19 sales at a total value of $111 million for the previous quarter.
The yearly figures show that both the number of sales and the total sales value have decreased considerably.
For the 12 months to April 2017, there were 60 sales at a total value of $393.9 million, compared to 97 sales at a total value of $666.7 million for the previous 12 months.
The table below shows sales recorded for the past eight updates of Wellington Cityscope.
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.36.06%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.36.06%20pm.jpg" alt="">
Notable sales in the April 2017 update of Wellington Cityscope include:
<ul>
<li>The 125-year leasehold of The PwC Centre Site 10 development at 10 Waterloo Quay, Pipitea, a development site at earthworks stage in April 2017, which was to have been a four-storey office building with typical floor plates of 2,000 and basement car parking with ground level retail, which sold for $89.2 million;</li>
<li>89 The Terrace and Lambton Square &amp; Eatery, at 89 The Terrace, Wellington Central, a 14-level building with ground floor retail and a net lettable area of 16,920 sqm, which sold for $57 million and</li>
<li>203-209 Willis Street, Te Aro, a nine-storey office building with basement parking for 22 cars and a building area of 4,770 sqm on a site area of 1,170 sqm, which sold for $5.6 million.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.36.41%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/28/Screen%20Shot%202017-04-28%20at%201.36.41%20pm.jpg" alt="">
Properties listed as for sale in the April 2017 update of Wellington Cityscope include:
<ul>
<li>191-195 Cuba Street, Te Aro, a three-storey building with shops on the ground floor and galleries above, available through Bayleys Wellington;</li>
<li>204-210 Willis Street, Wellington Central, a six-storey office building, including ground and mezzanine floors, with retail on the ground floor, offices above, and 10 car spaces to the rear, available through CBRE and</li>
<li>Champerelle Building, 6 Edward Street, Te Aro, a three-storey former factory/warehouse built in 1905 with upper levels now being residential apartments, available through Bayleys Wellington.</li>
</ul>
Leasing opportunities listed in the April 2017 update of Wellington Cityscope include:
<ul>
<li>Eagle Technology House, at 135 Victoria Street, Te Aro, an 11-storey office building comprising retail on the ground floor, first floor parking for 33 cars and nine office floors, which has office space of 5,000 sqm available through CBRE;</li>
<li>Harbour City Tower and Shopping Centre, at 179-193 Lambton Quay, Wellington Central, an eight-storey office to Lambton Quay with four storeys to Brandon and Panama Streets and car parking in Harbour City Car Park, which has office space up to 4,755 sqm available through Bayleys Wellington.</li>
<li>MWH House, at 123 Taranaki Street, Te Aro, a four-storey office building with parking for 23 cars has levels 1, 2 and 3 available through Colliers International.</li>
</ul>
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Wellington, New Zealand commercial sales rose in quarter to April: Cityscope

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Investment firm Sentinel Property Group has divested from another shopping centre with the sale of a Coles-anchored centre at Wellington in central New South Wales for $3.6 million.
The Wellington sale follows on the heels of Sentinel’s sale of the Narromine centre in July for $4.18 million and the <a href="/expert-insights/investing/56688-sentinel-sells-jimboomba-retail-centre-in-logan-city-for-27-48-million" target="_blank">Jimboomba centre</a> in south east Queensland for $27.48 million.
Brisbane-based Sentinel purchased the Wellington shopping centre in May 2015 as part of three regional NSW shopping centres in Bathurst, Narromine and Wellington purchased in one line from Charter Hall Retail REIT.
The fully-leased property at 128-140 Percy Street in Wellington, nearly 50 km south of Dubbo, is anchored by a 2,217 sqm Coles Supermarket and an ATM.
Sentinel managing director Warren Ebert said the company has been capitalising on the rising market demand for neighbourhood-style shopping centres in regional locations.
“Well-located shopping centres in strategic regional hubs and anchored by major supermarket chains are emerging as one of the most highly sought-after of all retail asset classes,” Ebert said.
“There is currently limited availability of this style of property, which is intensifying demand from a wide range of buyers. Fortunately, we have plenty of stock as we were buying when others were not and this presents the opportunity to deliver strong capital growth returns to our investors.”
The Wellington shopping centre was an asset of the open-ended pooled Sentinel Countrywide Retail Trust, which also owns shopping centres in Dubbo, Bathust and Broken Hill in NSW and Atherton, Townsville and Emerald (x2) in QLD. 
Investors in the Trust receive net returns of 9.50% per annum, paid from rental income, as well as capital growth returns on divestment, said the media release.
The sale of the Wellington shopping centre was negotiated by Darren Beehag of Burgess Rawson and brings to 10 the number of properties sold across the entire Sentinel portfolio, from the 51 the company has purchased since it was established in 2010.
Sentinel has a national portfolio of 41 retail, industrial, office, land, tourism infrastructure and agribusiness assets exceeding $1 billion. 
Sentinel Property Group has sold off the Jimboomba Junction Shopping Centre in Queensland’s Logan City for $27.48 million in an off-market deal, continuing with its recent divestment of assets.
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Sentinel divests from Coles-anchored shopping centre in NSW's Wellington for $3.6 million

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Amalgmated Holdings has paid $NZ28.5 million for the Museum Art Hotel in Wellington, New Zealand.
It was bought from local entrepreneur Chris ­Parkin.
It is to become a QT hotel.
Amalgamated Holdings managing director David Seargeant said Museum Art Hotel would be a great fit with the QT brand.
Amalgamated Holdings operates Rydges Hotels in Auckland, Rotorua, Wellington, Christchurch and Queenstown.
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