News & Research

Commercial Market Update - Eastern Melbourne Cityscope January 2022

The latest research from Eastern Melbourne Cityscope shows property sales have increased in the past three months in total sale value.

Sales recorded in the quarter ending January 2022 totalled $151.2 million from 30 sales, compared to the $79.2 million from 30 sales in the quarter ending October 2021 but have decreased from the $300.3 million from 34 sales in the quarter ending July 2021.

This data brings the 12-month total to $633.8 million, a slight decrease from the $652.8 million recorded over the same period of the previous year.

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

Notable sales in the January 2022 update of Eastern Melbourne Cityscope include:

  • 8 Lakeside Drive, Burwood East, one of 16 buildings in the Tally Ho Business Park, on a large site to the south-west of the corner of Burwood Highway and Springvale Road. This is an office building of two levels plus lower ground and external parking totaling approximately 150 spaces and building area 4,552 sqm, which was bought for $35.8 million;
  • Strata lots 1A a 38-sqm area on the upper basement level, lot 1a 3-storey brick building plus lower and upper basement levels, lot S3 comprising the whole ground levels plus car parking spaces on the lower and upper basement level, lot S4 comprising the whole of level one plus car parking spaces in the lower and upper ground level and lot S5 comprising the whole level two plus car parking space s in the lower and upper basement, all located at 110 Church Street, Hawthorn, a 3- storey office building with tinted glass facade plus two basement levels with parking for 70 car spaces, completed in late 2007 which is linked to an older historic brick building at 108 Church Street, Hawthorn and has a combined net lettable area of 2,368 sqm, which were bought for a total of $18.775 million and
  • 222 High Street, Kew, a modern four-level office building, including basement parking at the rear lane level and parking on a rear deck at ground on High Street level making a total of 52 spaces. The ground floor was refurbished in 2002 and has a building area 1,857 sqm, which was bought for $15.125 million.

Properties listed as for sale in the January 2022 update of Eastern Melbourne Cityscope include:

  • Lot 1, an office suite on the ground floor of 260 sqm and Lot 2, an office suite covering the entire first floor of 425 sqm plus three car spaces at 4-6 Duke Street, Windsor, which are for sale through Aston Commercial - Melbourne;
  • Lot 3, known as Building 3 at 630 Mitcham Road, Mitcham, a 5-storey building with 167 basement car parking and net lettable area of 4,493 sqm comprising of office & showroom on the ground floor and office space on upper levels, which is for sale through Colliers International – Melbourne East; and
  • 381 Tooronga Road, Hawthorn East, a two and three-level office building of 2,155 sqm including a 33-space lower-ground floor car park, refurbished in 2007 on a 810 sqm block, available through Morley Commercial - Richmond.

Leasing opportunities in the January 2022 update of Eastern Melbourne Cityscope include:

  • Greenwood Business Park at 301 Burwood Highway, Burwood, three buildings with a total net lettable area of 19,910 sqm. Building 1, 2-storeys with basement level parking. Building 2, 3-storeys with basement level parking. Building 3, 3-storeys with basement level parking. There is a 2 level parking station to the rear of the building. Completed 1991 and car parking for a total of 968 cars, which has areas ranging from 450 to 3,000 sqm available through Colliers International – Melbourne East and Gorman Commercial – Hawthorn East;
  • 1 Peters Avenue, Mulgrave, an 8-storey, A grade office building to the corner of Wellington Road and Peters Avenue and a net lettable area of 15,692 sqm; completed in May 2020, which has office space ranging from 800 to 5,850 sqm available through Colliers International – Melbourne East; and
  • 112 Trenerry Crescent, Abbotsford, a former factory/warehouse building, 4 and 5 storeys, converted to offices and extensively refurbished in 2021. The property with net lettable area 4,252 sqm, has parking for about 94 cars on paved land round the building and on the lower ground floor, which has office space ranging from 600 to 4,250 sqm available through Colliers International – Melbourne East and JLL Metro Market.

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