The latest research from Eastern Melbourne Cityscope shows property sales have significantly increased in the past three months.
Sales recorded in the quarter ending July 2022 totalled $215.7 million, compared to the $42.7 million in the quarter ending April 2022 and from the $151 million in the quarter ending January 2022. Included was the sale of three properties in Mulgrave, Victoria. 745 Springvale Road, 759 Springvale Road and 300 Wellington Street, Mulgrave sold together for $84 million. The vendor was TMG Wellington Pty Ltd, a company owned by Robert Magid of Point Piper, NSW.
745 Springvale Road is a two-storey office building with high clearance warehouse space to the rear. There are more than 300 parking spaces on paved land on three sides of the building and its tenants include Keysight Technologies and Chandler McLeod. The property last traded at $22 million in June 2020.
759-767 Springvale Road has two storeys of offices to Springvale Road in front of a large high-clearance warehouse section with 130 car spaces; built in 1999 on a block of 22,470 sqm. It last traded at $18 million in June 2020 and is tenanted by Osteon Medical.
300 Wellington Street is a two-storey, mixed-use office and warehouse space, built in 1996. The building was internally refurbished in July 2005. There are about 100 parking spaces on adjacent paved land. The building’s gross building area is 3,580 sqm and it sits on a 9,527 sqm site. The building last traded in July 2008 at $8.2 million.