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.
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