News & Research

Commercial Market Update - Melbourne Cityscope April 2021

The latest research from Melbourne Cityscope shows that commercial property sales value has decreased in the past three months. Sales recorded in the quarter ending March 2021 totalled $406.1 million from 63 sales, compared to the $542.1 million from 30 sales recorded in the quarter ending December 2020 and the $943.5 million from 33 sales recorded in the three months ending September 2020.

This data brings the 12-month total to $2.728 billion from 165 sales, a decrease from the previous 12-month total of $4.558 billion from 227 sales.

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

The most notable sales recorded for the March 2021 update of Melbourne Cityscope include:

  • 505 Little Collins Street, Melbourne, a 12-storey office building completed in 1990 with around 1,600 sqm of space on each of the 11 upper floors, several ground floor showrooms and three levels of underground parking for 98 cars, was bought for $154 million through JLL - Melbourne and CBRE - Melbourne;
  • 411 Collins Street, Melbourne, a modern commercial Gothic building of nine stories with a 3,267 sqm building area, once Commercial Union Chambers; built 1930 and refurbished 1981, with the foyer altered 1990 and which has 10 car parking spaces, was bought for $40.5 million through Colliers International - Melbourne and
  • Invicta House at 226-232 Flinders Lane, Melbourne, an eight-storey office building including a basement, extensively refurbished in 1987 with a net lettable area of 4,501 sqm, was bought for $40 million through Colliers International Melbourne.

Properties for sale in the area covered by Melbourne Cityscope in March 2021 include:

  • Oaks on Lonsdale, also known as Landmark Tower at 23-33 Lonsdale Street, Melbourne, a 29-storey building of 148 apartments, completed in late 2006 with parking for 58 cars. The apartments are operated by Oaks Hotels and Resorts as the Oaks on Lonsdale serviced apartments, which is available via an expressions of interest closing 21st April 2021 through Colliers International Melbourne;
  • Lot S3, the hotel component of the building, known as ibis Budget Melbourne CBD at 97-103 Elizabeth Street, Melbourne, comprising the basement level, entry foyer on the ground level and levels 1 to 6, north facing and a total of 146 rooms. The hotel was redeveloped in 2006-2007 at a cost of around $12 million by St Hilliers, which is available through CBRE Hotels via an expressions of interest closing 15th April 2021 and
  • Campton House at 362-364 Little Bourke Street, Melbourne, an older five-storey rendered brick building built in the 1880s. The ground floor was converted to a restaurant in early 1995. To the rear, a newer 3-storey section which incorporates the wall of an older single level building, completed in 2007. This section comprises parking on ground level and residential units on the upper levels. Building area 1,302 sqm; site area 391 sqm and 9 car spaces. The retail Unit 1 is for sale with the three residential lots 2A, 3A and 4 (covered in Melbourne Units Cityscope) together with 9 car parks through international expressions of interest closing 1 April 2021 through MMJ Real Estate (Melbourne) and Colliers International - Melbourne.

Leasing opportunities in the area covered by Melbourne Cityscope in March 2021 include:

  • CBW Melbourne at 181 William Street, Melbourne, one of the two office buildings, a 27-storey building with a net lettable area of 49,557 sqm, completed in August 2008, with parking for 413 cars, which has office space ranging from 64 to 11,714 sqm for lease through GPT Property Management;
  • Northbank Place East Tower, 525 Flinders Street, Melbourne, an 11-level commercial office building of 10,000 sqm with retail and foyer spaces on the ground floor, completed in 2009, which has office space of 898 sqm on each of levels 1 & 2; 630 sqm on level 3; 1,278 sqm on level 4; 1,279 sqm on level 5 and 1,265 sqm on level 6, for lease through Colliers International Melbourne and Knight Frank Melbourne and
  • 15W at 15 William Street, Melbourne, an A-grade 20-level office building consisting of a southern section completed in 1967 and a matching northern extension added in 1973 with parking for 300 cars, which has office space on levels 1 to 3 of 4,815 sqm; 1,386 on level 6 and 952 sqm on level 12 for lease through CBRE Melbourne.


CoreLogic Australia

CoreLogic Australia

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