The latest research from Chapel Street Cityscope shows that commercial property has increased in terms of sales value for the past three months.
Sales recorded in the quarter to November 2021 totalled $38.8 million from 7 sales, compared to the $27.5 million from 7 sales in the quarter to August 2021 but show a decrease from the $56.6 million from 12 sales in the three months to May 2021.
This data brings the 12-month total to $153.7 million from 37 sales, a large increase from the previous twelve month total of $15.2 million from 11 sales.
The table below shows sales recorded for the past eight updates of Chapel Street Cityscope:
Notable sales recorded in the November 2021 update of Chapel Street Cityscope include:
- Hotel Claremont,189 Toorak Road, South Yarra, a three-storey brick Italianate 81-room hotel building of 2,124 sqm with two shops to Toorak Road and one to Claremont Street. Built in 1886 as the South Yarra Coffee Palace, it was one of several temperance hotels set up during that period. There is parking for 8 cars on paved land to the rear and further undercover parking, which sold for approximately $22 million through Teska Carson - Richmond;
- 232-234 Chapel Street, Prahran, a two-storey retail building to Chapel Street, with a two-storey extension containing shops and offices to Cecil Place, a building area of 440 sqm and a site area of 285 sqm, which sold for $3.84 million through Fitzroys – Melbourne and
- 188-190 Commercial Road, Prahran, a two-storey retail building with a site area of 420 sqm, which was bought for $3.42 million through Stonebridge Property Group – Melbourne.
Properties listed as for sale in the November 2021 update of Chapel Street Cityscope include:
- 209 Commercial Road, South Yarra, a two-storey brick retail building of 135 sqm and a site area of 128 sqm, for sale through Teska Carson – Richmond;
- 81-83 Toorak Road, South Yarra, a two-storey brick building to Toorak Road adjoining a two-storey brick former house to Avoca Street with a building area of 345 sqm and site area of 317 sqm, which is for sale through CRS Property – Melbourne and
- 555 Chapel Street, South Yarra, a single-storey brick building to Toorak Road, with a two-storey section to the rear with parking for 2 cars on paved land to the rear and a building area of 154 sqm and site area of 137 sqm, which is for sale through Teska Carson - Richmond.
Leasing opportunities listed in the November 2021 update of Chapel Street Cityscope include:
- 627 Chapel Street, South Yarra, a development, which was virtually complete in November 2021. To be a 24-level, A-grade office tower, which comprises 24,000 sqm office area and also include restaurants, cafes, multiple green spaces, end-of-trip facilities, a concierge, a business lounge and a roof top bar & restaurant, which has 292 to 8,000 sqm in the future building available for pre-lease through JLL Metro Market and Colliers International Melbourne East;
- 250 Toorak Road, South Yarra, an older style two-storey brick building of 200 sqm with parking for two cars in a rear garage, which is for lease through Gross Waddell ICR – Melbourne and
- Ground floor at 380 Chapel Street, South Yarra, a 200 sqm shop in a two-storey building, which has a ground level shop of 200 sqm which is for lease through ASM Commercial.
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