News & Research

Commercial Market Update - Southbank Cityscope March 2021

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

Sales recorded in the quarter to February 2021 totalled $195.2 million, a decrease from the $348.9 million recorded in the three months to November 2020 and the $251.9 million recorded in the three months to August 2020.

This data brings the 12 month total close to $1.25 billion, a decrease from the $1.409 billion recorded the same time last year.

The data includes the most recent off-the-plan sales from Stage 1 of Melbourne Square development, 99-107 Kavanagh Street, Southbank.

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

Notable sales in the February 2021 Southbank Cityscope update include:

  • Melbourne Square Shopping Centre at 10 Hoff Boulevard, Southbank, comprising basement level one, ground floor, level one and part of level two in the Melbourne Square development, with a total area of approximately 15,000 sqm, completed in December 2020, which was bought for $70 million at an initial yield of 4.73% through JLL Melbourne and
  • Unit 3, known as 182 Normanby Road, South Melbourne, a 320 sqm showroom, 320 sqm office space and a 475 sqm warehouse, total building area of 1,115 sqm, with 10 car parking spaces, which was bought for $4.3 million.

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

  • Unit G09, known as 18 Power Street, a retail suite of 230 sqm on the ground floor in Southbank Towers, Southbank, which is for sale through Savills and
  • 203-205 Normanby Road, South Melbourne, a single-storey building of concrete construction with a showroom to Normanby Rd and a clearspan warehouse to the rear, built 1983 with parking for eight cars on paved land at the front and a combined building area 1,050 sqm, for sale through Colliers International.

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

  • 77 Southbank Boulevard, Southbank, a six-storey concrete office building with a basement, 11,679 sqm of upper-floor offices, two ground-floor showrooms of 978 sqm and 753 sqm, rehearsal space (the Joan Hammond Hall) of 707 sqm, which has office space ranging from 827 to 8,955 sqm on whole levels 1, 3, 4 and 5 available through JLL Melbourne;
  • Market Lane, 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, completed in mid 2020, which has office and retail space ranging from 500 to 4,500 sqm with floor plates ranging from 750 sqm to 2,400 sqm, available through Colliers International Melbourne East and Lemon Baxter South Melbourne; and
  • IBM Centre, a 29-storey west tower in the Southgate Complex, completed in December 1993 and refurbished in 1997, with an average floor plate of around 1,200 sqm, which has office space from 300 to 900 sqm available through CBRE Melbourne.


CoreLogic Australia

CoreLogic Australia

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