News & Research

Commercial Market Update - Southbank Cityscope August 2021

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

Sales recorded in the quarter to August 2021 totalled $386.5 million, an increase from the $215.1 million recorded in the three months to May 2021 and from the $195.7 million recorded in the three months to February 2021.

This data brings the 12 month total of over $1.146 billion, an increase from the $1.009 billion recorded the same time last year.

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

Major commercial/retail sales in the August 2021 Southbank Cityscope update include:

  • Eureka Skydeck 88 which comprises Lot 2R, a retail space on street level, Lot S24, an entrance foyer on street level, Lot 8801, an observation deck on level 88 and Lot 8901, a function room on level 89, at Eureka Tower, 3-9 Riverside Quay, Southbank, which were bought together for $58 million through JLL – Melbourne and Charter Keck Cramer;
  • 153-159 Sturt Street, Southbank, a two-storey building constructed 1952 and 1960, refurbished late 1980s, and altered to a six-shop arcade with upper floor offices in 1997-98 and redeveloped in 2008 and has a net lettable area of 1,825 sqm. The 1,831 sqm site has parking for 30 cars on paved land to Dodds Street, which was bought as a development site for approximately $20 million and
  • 200 Wells Street, South Melbourne, a single-storey brick section to Park Street and a two-storey section to Wells Street with rear ground-floor parking for about 20 cars and first-floor offices. The ground-floor corner showroom was refurbished and refitted mid-2000 and has a building area of 1,305 sqm. The property, on a 1,549 sqm block, was bought as a development site for $19.9 million through Lemon Baxter – South Melbourne.

Properties listed as for sale in August 2021 update of Southbank Cityscope include:

  • 50 Park Street, South Melbourne, a 2-storey brick building, constructed 1910, extended and refurbished 1974 and refurbished again in 1985. There is a courtyard and parking for about six cars to the rear. The property with a net lettable area of 276 sqm on a 379 sqm block is for sale at an asking price of $3 million through Dixon Kestles South Melbourne and
  • 31-33 Bank Street, South Melbourne, a three-storey office building constructed 1972 with rear ground-floor parking for about eight cars and net lettable office area 1,216 sqm and 15 - 29 Bank Street, South Melbourne, a building of concrete construction divided into two distinct sections and occupying the whole site, built 1987 - three storeys of offices with a ground-floor showroom of 353 sqm and net lettable office area of 1,504 sqm and to the rear, an eight-level 380-space parking station. The properties with a combined site area of 2,874 sqm are for sale together as a development site through Tiga Commercial.

Leasing opportunities listed in the August 2021 update of Southbank Cityscope include:

  • The Tea House at 28 Clarendon Street, Southbank, a six-storey nineteenth century brick building with a 1984 brick extension and further refurbished in 1992 and on-site parking for 65 cars. The building with a net lettable office area 3,225 sqm has office space ranging from 575 to 2,875 sqm on levels 1 to 5 for lease through Lemon Baxter – South Melbourne and Savills – Melbourne;
  • Market Lane at 68 Clarke Street, Southbank, a 9-storey commercial building comprising five levels of office space of over 8,500 sqm, three levels of basement parking for 193 cars and ground level shops, which has office space ranging from 620 to 2,800 sqm available through Colliers International - Melbourne and
  • Eleven Eastern development at 11-29 Eastern Road, South Melbourne, which will be a 9-storey office building of 16,044 sqm with food & drink premises at the ground floor and basement parking, has office space ranging from 890 to 16,044 sqm for pre-lease through Colliers International – Melbourne East.


CoreLogic Australia

CoreLogic Australia

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