News & Research

Commercial Market Update - Docklands Cityscope January 2022

The latest research from Docklands Cityscope shows that commercial property sales value has significantly increased with 9 sales for a total of $445.2 million for the quarter to January 2022, compared to the 4 sales at a total value of $2.5 million for the previous quarter but has shown a significant decrease from the 10 sales at a total value of more than $1.256 billion for the quarter to July 2021. This brings the 12-month total of over $1.760 billion from 24 sales, an increase from the $289.9 million of 32 sales for the previous year.

The table below shows sales recorded for the past eight updates of Docklands Cityscope.

Notable sales in the January 2022 update of Docklands Cityscope include:

  • 717 Bourke Street, an 18 level office building completed late 2010. The building has a total net lettable area of 37,000 sqm and linked with Travelodge Docklands by a four level podium with retail space fronting Aurora Lane and jointly shared parking for 471 cars. The property was transferred to a related party at $415.8 million and
  • Lot 2 comprising a 122 sqm commercial space on ground level at 835 Bourke Street and Lot S3 comprising a lobby area of 87 sqm on ground level and parts of levels 1, 2 and 3 at 833 Bourke Street which is part of a four-storey building with retail space on the ground floor and three levels of office space, were transferred to a related party at over $25.826 million.

Commercial/retail strata units listed as for sale in the January 2022 update of Docklands Cityscope include:

  • Unit 112W, known as 108 Newquay Promenade, Waterfront City Stage 1, a commercial premises with an area of 352 sqm on the ground floor in the west building, which is for sale through Killen Thomas - Melbourne and
  • Unit 101W, known as 1G/439 Docklands Drive, a 200-sqm retail premises on the ground floor of the west building at Waterfront City, which is available for sale through No Agent Property – Brighton East.

Leasing opportunities listed in the January 2022 update of Docklands Cityscope include:

  • 637 Flinders Street redevelopment at 637 Flinders Street, currently undergoing an $80 million refurbishment, to be an office building of approximately 26,000 sqm with floor plates ranging from 3,000 to 3,750 sqm plus ground level retail space of 970 sqm. The whole building, with floor area ranging from 650 to 25,716 sqm are available for pre-lease through Cushman & Wakefield – Melbourne and Colliers International - Melbourne;
  • 1000 La Trobe, an A-grade tower of 23-storeys and 40,000 sqm with an average floor plate of 2,300 sqm and parking for 243 cars completed late 2021, has office space ranging from 1,400 to 27,548 sqm for lease through Colliers International - Melbourne and JLL – Melbourne;
  • 717 Bourke Street, an18 level office building completed late 2010. The building has a total net lettable area of 37,000 sqm and is linked to Travelodge Docklands by a four level podium with retail space fronting Aurora Lane and jointly shared parking for 471 cars. Office space ranging from 521 to 2,983 sqm are available for lease through CBRE Melbourne and Savills - Melbourne.

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