News & Research

Commercial Market Update - Docklands Cityscope July 2021

The latest research from Docklands Cityscope shows that commercial property sales value have increased significantly with 9 sales for a total of more than $1.204 billion for the quarter to July 2021, compared to the 1 sale at a total value of $56 million for the previous quarter and the 8 sales at a total value of $6.3 million for the quarter to January 2021. This brings the 12-month total of over $1.275 billion from 21 sales, an increase from the $290.3 million of 38 sales for the previous year.

The increased total sales for July 2021 was attributed to the sale of the still under construction Melbourne Quarter Tower at 693 Collins Street by Lendlease.

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

Notable sales in the July 2021 update of Docklands Cityscope include:

  • Melbourne Quarter Tower development at 681-693 Collins Street, the site for the remaining stage of Melbourne Quarter. In July 2021, the under construction 34-storey commercial building at 693 Collins Street comprising 55,000 sqm of office space plus 2,500 sqm retail space by Lendlease was 100% acquired by the National Pension Service of Korea (NPS) for $1.2 billion and will be managed by Lendlease Funds Management on their behalf upon completion;
  • Unit 13 at 42 Newquay Promenade, a retail area of 323 sqm on ground level, south-western corner of the podium of a series of integrated residential buildings which include The Palladio, The Boyd and Saint’ Elia at 24-42 Newquay Promenade, which was bought for $2 million through CVA Property Consultants and
  • Lot 408, lot 409 and lot 410 at Lifestyle Working Collins Street, 838 Collins Street – three commercial units on level 4 of a six-storey building comprising 137 commercial suites, which were bought together for $1,325,500.

Commercial/retail strata units listed as for sale in the July 2021 update of Docklands Cityscope include:

  • Unit 1G, also known as Shop 1, 57 sqm on ground floor of 759 Bourke Street at Watergate, a five-storey podium topped by two residential towers of 20 storeys comprising of 315 apartments and 1,300 sqm of retail space completed at the end of 2004, which is for sale with an asking price of $925,000 through Listed & Sold Real Estate - Malvern East;
  • Unit 204W, known as 104/441 Docklands Drive, a 184 sqm office space plus a 18 sqm balcony on first floor of west building at Waterfront City Stage 1 – a strata office/retail building completed in early 2006, which is available for sale with an asking price of $1,000,000 plus through LINQ Property - Melbourne and
  • Lot 205 at 838 Collins Street, a 99 sqm commercial unit on level 2 at Lifestyle Working Collins Street, a six-storey building comprising 137 commercial suites completed in 2013, which is for sale with an asking price range of between $670,000 to $710,000 through Evolve Real Estate - Docklands.

Leasing opportunities listed in the July 2021 update of Docklands Cityscope include:

  • 1000 La Trobe development at 1000 La Trobe Street, a development currently virtually complete and to be an A-grade office tower of 23-storeys with building area of 40,000 sqm and an average floor plate of 2,100 sqm plus parking for 243 cars, which has office space ranging from 2,209 to 4,423 sqm for pre-lease through CBRE Melbourne;
  • World Trade Centre at 18-38 Siddeley Street, also known as WTC Wharf, completed in 1983 at a cost of $92m. The WTC comprises five office towers of concrete construction and Towers 2, 3 and 4 are linked by a three-level concourse of shops, showrooms and office suites. The property with a total building area of 53,301 sqm, comprising office space of 37,360 sqm and retail space of 15,941 sqm and 436 car spaces on the lower three floors. which has office space ranging from 247 sqm to 25,463 sqm available through JLL Melbourne and Knight Frank Melbourne and
  • 818 Bourke Street, developed by Lend Lease for General Property Trust at a cost of $100m and completed in October 2007. There are six levels of office space with a net lettable area of 23,271 sqm including 1,300 sqm of ground floor retail space above a car park of three split levels for 163 cars and 165 bicycles, which has office space ranging from 500 to 11,000 sqm for lease through CBRE Melbourne & JLL Melbourne.


CoreLogic Australia

CoreLogic Australia

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