News & Research

Commercial Market Update - Melbourne Cityscope January 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 December 2020 totalled $541.2 million from 28 sales, compared to the $943.5 million from 33 sales recorded in the quarter ending September 2020 and the $836.3 million from 39 sales recorded in the three months ending June 2020.

This data brings the 12-month total to $2.555 billion from 154 sales, a decrease from the previous 12-month total of $4.930 billion from 225 sales.

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

The most notable sales recorded for the December 2020 update of Melbourne Cityscope include:

  • 600 Collins Street, Melbourne, a 4-storey retail and office building, including eight ground-floor shops and showrooms, a rear ground-floor showroom, and a rooftop garden and playground; completed in 1982 with a building area of 7,995 sqm on a site of 2,428 sqm and Unit 1, at 608-610 Collins Street, Melbourne, comprising of shops 1-5 to Francis Street and the side pedestrian passageway, total unit area 178 sqm, were bought together for $180 million through Knight Frank;
  • St Collins Lane, at 260 Collins Street, Melbourne, formerly Australia On Collins retail centre, completed in late 1992 and refurbished by Built at $35 million in 2016, transforming the centre into a boutique retail precinct of four levels of retail space with over 60 stores, was bought for $124 million through CBRE and
  • Vibe Hotel at 1-5 Queen Street, Melbourne, a 23-storey hotel built in early 2020 with 206 rooms, basement car parking, a 200 sqm conference space, a gymnasium and an indoor heated pool, was bought for $88.6 million through JLL Hotels & Hospitality Group.

Properties for sale in the area covered by Melbourne Cityscope in December 2020 include:

  • ASF House at 63 Exhibition Street, Melbourne a glass-fronted brick, concrete and steel office building, with 12 and 14 levels stepped to Exhibition Street, and a 5-level annexe to the rear, includes parking for 28 cars over two basement levels, which is available through JLL – Melbourne;
  • 244-248 Flinders Street, Melbourne, a three-storey office building with two showrooms to Flinders Street plus a basement, with a building area of 3,391 sqm, which is available through Colliers International Melbourne and
  • City Limits Hotel at 20-22 Little Bourke Street, Melbourne, a 9-storey brick and concrete motel building with a ground floor restaurant. There is space to park three cars on paved land at the rear of the site; and the block of 243 sqm paved vacant land at 18 Little Bourke Street, Melbourne (ML25.25), currently used for car parking, which are available through Colliers International and Uptown Partners.

Leasing opportunities in the area covered by Melbourne Cityscope in December 2020 include:

  • Wesley Place at 130 Lonsdale Street, Melbourne, a 33-storey office tower with 55,000 sqm office space and 4,500 sqm retail space. The tower has concave floor plates ranging from 1,700 to 2,100 sqm and two levels of parking for 127 cars, which has office space ranging from 1,686 to 3,378 sqm for lease through JLL - Melbourne;
  • 440 Elizabeth Street, Melbourne, an 11-storey office building with five showrooms to Elizabeth Street with parking for 107 cars on levels one and two. Building area is 13,814 sqm and typical floor plate is 1,650 sqm, which has office space ranging from 100 to 1,670 sqm for lease through CBRE – Melbourne, JLL Metro Market and JLL – Melbourne and
  • Russell Kennedy Centre at 469 La Trobe Street, Melbourne, a 19-storey office building with two ground-floor showrooms and 47 car parking spaces on several lower floors including the basement, which has office space of 1,225 sqm for lease through Colliers International.


CoreLogic Australia

CoreLogic Australia

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