Since 2015, in the Newcastle CBD there has been approximately $20,000,000 in commercial strata stock transacted per annum having an average sale price of $985,000, with 2019 and 2020 YTD sales indicating an increased average sale price of $1,100,000.
Recent capital values have ranged from $2,400 per sqm for an older office space at Level 1, 456 Hunter Street, through to approximately $7,000 per sqm for a brand new commercial space in the LUME development on Honeysuckle Drive.
Colliers Newcastle has transacted 80% of commercial strata sales in the Newcastle CBD for 2020 YTD with two sales transacting during COVID-19 restrictions. With over 55% of our commercial enquiries in 2020 being for properties under 500sqm, we are confident demand will continue to increase for the remainder of 2020 in line with the relaxation of COVID-19 restrictions, a lack of quality stock available and the continued private and public investment in the city.
If you would like further information please contact one of our experts today.