If you added in what sold for under $5M the figure would likely double
Commercial property sales surged last year with overseas buyers accounting for 57% of transactions priced above $5 million
April 13, 2015 – 12:45pm, Greg Ninness
There was a huge surge in sales of major commercial properties last year with retail properties leading the way, property services company JLL says.
According to JLL’s New Zealand Transaction Trends report, which monitors commercial property sales priced at $5 million or more, the value of major retail properties sold last year was up 478% compared to 2013.
A total of $2 billion worth of major retail property sales occurred last year, an all time high which almost eclipsed $2.1 billion of major office building sales.
Sales were buoyant across all three of the major commercial property types monitored by JLL, with a total $5.1 billion of major transactions occurring last year, with office sales up 79% compared to 2013 and industrial property sales up 32% compared to 2013.
Overseas buyers accounted for $2.9 billion (57%) of sales, an all time high.