News & Research

Commercial Market Update - Richmond Cityscope May 2021

The latest research from Richmond Cityscope shows property sales value have increased in the past three months.

Sales recorded in the quarter to May 2021 totalled $36.2 million with 5 sales, an increase from the $29.7 million recorded in the three months to February 2021 and a slight increase from the $34.9 million recorded in the three months to November 2020.

This data brings the 12-month total to $115.9 million from 21 sales, a decrease from the $299.3 million from 45 sales recorded for the same time last year.

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

Recent standout sales in Richmond include:

  • Abbotsford Office Park at 675 Victoria Street Abbotsford, an office building of four levels, including offices on the top two levels, and parking on the lower ground floor and in the basement for 110 cars. Net lettable area 3,747 sqm, which was bought for $27.3 million. The sale represented an initial yield of approximately 6% on passing income of $1,638,000;
  • 114 Murphy Street, Richmond, a two-storey industrial building with loading dock on a 825 sqm block which was bought for $4.3 million and
  • 331-333 Swan Street, Richmond, a single-storey commercial building with two shopfronts to Swan Street and parking for 5 cars to the rear; with a building area of 250 sqm and site area of 363 sqm which was bought for $2.88 million.

Properties for sale in Richmond in May 2021 include:

  • 518-524 Bridge Road, Richmond, part of a two-level glass-fronted retail and office building, with a new complex constructed to Bridge Road, incorporated with a two-level brick warehouse building to the rear, with a building area of 887 sqm comprising 515 sqm on ground level and 372 sqm on mezzanine level, which is for sale through Knight Frank – Eastern Office;
  • 384 Bridge Road, Richmond, a two-level brick retail Victorian building with residential above, part of the former Allans Buildings terrace row. Building area is 179 sqm and there is parking for one car in a rear yard, which is for sale through TCI Property Consultants – Richmond and
  • Dyason House at 124-126 Jolimont Road, East Melbourne, a Victorian brick and bluestone two-storey former house, converted for office use; includes a newer two-storey brick and concrete extension at the rear. Building area is 342 sqm and with parking for eight cars on the ground floor, which is for sale through Colliers International – Melbourne.

Significant leasing opportunities in Richmond in May 2021:

  • Pelaco at 21-31 Goodwood Street, Richmond, an office complex comprising Building 1, a 4 and 5-storey older style building to the rear with on grade parking; Building 2, a 3-storey building with basement parking and Building 3, a 3-level office extension to the eastern section of the site; which has office space ranging from 500 to 2,000 sqm in Building 2 available for lease through JLL Metro Market;
  • 483-485 Bridge Road, Richmond, a high-fronted single storey brick retail building with a building area of 316 sqm. There is rear roller door access to Palmer Street; which has retail space 316 sqm available for lease through TCI Property Consultants and
  • Botanicca Nine at 588A Swan Street, Burnley, building 9 in Botanicca Corporate Park, a 5-level A-grade office building with floor plates ranging from 1,200 sqm to 1,500 sqm and a building area of 7,254 sqm, completed in August 2019, which has office space ranging from 362 to 4,613 sqm available for lease through CBRE – Melbourne and JLL – Melbourne.


CoreLogic Australia

CoreLogic Australia

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