logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
New Zealand
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Hotels
      • Industrial & Logistics
      • Office Leasing
      • Retail
      • Self Storage
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt & Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Advisory
      • Property Sales
      • Structured Transactions and Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Valuation & Advisory
    • Services for Occupiers
      • Enterprise Facilities Management
      • Host
      • Leasing & Advisory
      • Portfolio Services
      • Project Management
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Office
      Industrial
      Retail
      Land
  • Research & Insight
    • New Zealand Research
      Asia Pacific Research
      Global Research
      COVID-19 INSIGHTS
      Insights & Expertise
      Talking Property Podcast
  • People & Offices
    • New Zealand Executive Committee
      Pacific Executive Committee
  • About CBRE
    • Careers
      Case Studies
      Client Tools
      Corporate Information
      Corporate Responsibility
      Investor Relations
      Media Centre

Previous

Press Release
H&M and Zara leading rush of 50 international brands into NZ

Next

Press Release
Christchurch commercial property market showing strong H1 growth
  • Home
  • About CBRE
  • Media Centre
  • Wellington commercial property market powers to new $422m sales high

Wellington commercial property market powers to new $422m sales high

Wellington | 4 October 2016
  • Email
  • Share
  • Tweet
  • Share

$name

Strong investment market driven by sales of larger properties over first six months of 2016

The first half of 2016 has seen the highest value of commercial property sold over the first half of a year, according to latest research published by CBRE.

CBRE’s New Zealand Investment MarketView report for Wellington reveals that there were 15 transactions of properties of over $5 million in value in Wellington over the first half of 2016, totaling $422 million.

This surpasses the previous high of $390 million in the first half of 2015.

15 properties sold is also higher than the number of sales that took place in the first half of 2015 (13) and 2007 (13), and only bettered by the 18 sales in the first six months of 2005.

Richard Carr, CBRE Research Analyst in Wellington, says that although first six-month sales totals have risen strongly since the low of 2013, the seasonal trend of sales volumes and values increasing in the second half of the year has been a distinct feature of the market over the last few years.

“The numbers we are seeing this year are among the strongest we have ever seen for the first six months of a year. If the trend of stronger second-half-year sales periods is to continue, Wellington could well see all-time record volumes and values of transactions this year.”

Matthew St Amand, Senior Director of CBRE Wellington, says: “This is another result that underlines the sustained growth of the Wellington investment market. Office and retail properties are dominating the transaction sectors, at $150 million (36%) and $92 million (22%) respectively.

“With the price spectrum continuing to shift towards more expensive properties, with transaction volumes in the $20+ million bracket increasing steadily, institutions account for nearly half of vendors while local private investors are the most active purchasers out there, accounting for 70% of the transaction group, or $294 million.”

The research shows that the largest non-confidential transaction involved that sales of Conservation House and Tel Tower at 18 Manners Street, which was sold by Brookfield Multiplex to a private investor for $43 million. Other large sales include Ibis at 153 Featherston Street for $35 million, and Novotel at 133 The Terrace sold for $34 million.

Office sales totaled $150 million across four transactions, and $92 million of retail properties were sold across 4 transactions, two of which involved Countdown supermarkets sold as parts of a portfolio.

Two hotels were sold by Host Hotels & Resorts for the total of $69 million, and two industrial properties sold for a total of $36 million.
For New Zealand/international news or global stories, follow us on Twitter.

ABOUT CBRE GROUP, INC.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Contact Us

Dan Scott
Dan Scott
Marketing and Pitch Director
New Zealand
+64 9 359 5361
+64 21 625 140
  • Corporate Information
  • Corporate Responsibility
  • Media Center
  • About CBRE
  • Careers
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Notice
  • Complaints and Dispute Resolution Procedures
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Youtube
  • Facebook
  • Instagram
CBRE Limited and CBRE (Agency) Limited, Licensed Real Estate Agent (REAA 2008)