News & Research

Commercial Market Update - Southbank Cityscope November 2021

The latest research from Southbank Cityscope shows both property sales volume and values have decreased in the past three months.

Sales recorded in the quarter to November 2021 totalled $361.5 million, a decrease from the $386.5 million recorded in the three months to August 2021 but an increase from the $215.1 million recorded in the three months to May 2021.

This data brings the 12 month total of over $1.159 billion, a slight decrease from the $1.16 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 November 2021 Southbank Cityscope update include:

  • 101 Moray Street, South Melbourne, a 6-storey commercial building comprising office and retail space on ground level, basement and mezzanine car parking space; completed mid-2020. The building with a net lettable area of 15,908 sqm was bought together for $205.12 million through Cushman and Wakefield and
  • 65-71 Haig Street, Southbank, a single-storey brick warehouse building with a two-storey office section to part of the front, plus a paved car park for about 16 cars. The property with a building area of 538 sqm was altered and refurbished in 1995 on a 1,001 sqm block, was bought for $12.5 million.

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

  • 163-171 Clarendon Street, South Melbourne, a two-storey concrete building divided into three self-contained parts - first-floor offices (at 163 Clarendon St and 58 Market St) and a 506 sqm ground-floor showroom-office with a mezzanine (at 171 Clarendon St). Built in 1981 and since renovated. The property has parking for 10 cars on ground level and building area of 986 sqm on a 657 sqm block is for sale through Fitzroys.
  • The Eighth development at 8 Palmerston Crescent, South Melbourne, a to be an 18-storeys building comprising 36 residential apartments, 3,000 sqm of office space over four levels and basement level car parking, has office space with sizes ranging from 149 to 762 sqm are for sale off the plan through Knight Frank - Melbourne and Colliers International – Melbourne; and
  • Lot 10R at Eureka Tower, 3-9 Riverside Quay, Southbank, an 80 sqm retails space on level 2 of a 92-storey residential building with retail and car parking, for sale through Sutherland Farrelly – East Melbourne.

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

  • 190 City Road, Southbank, a three-storey glass-fronted office building of concrete construction built in 1987 and refurbished in 1990. The infrastructure of the building was upgraded, including an upgrade of the data center, additional power generators and new air conditioning facilities at a cost of $2.2 million in 2005. The property with building area of 3,815 sqm and on-site parking for 47 cars, has office space ranging from 600 to 2,485 sqm on levels 1 and 2 for lease through Colliers International – Melbourne and Gross Waddell - Melbourne;
  • 21 Meaden Street, Southbank, a single-storey concrete brick building built in 1972 and converted into a warehouse and showroom in 2007 comprising ground level warehouse space of 1,828 sqm and a mezzanine office space of 112 sqm for lease through Vinci Carbone Property – Melbourne and Lemon Baxter – South Melbourne and
  • 2 Southbank Boulevard, Southbank, the commercial tower of Freshwater Place, 37 storeys, completed in June 2005 and refurbished in 2018. The property with a net lettable area of 55,769 sqm and 544 car spaces in seven levels above ground, has office space of 4,515 sqm on levels 20 to 22 and 1,873 sqm on level 23 for lease through JLL – Melbourne.


CoreLogic Australia

CoreLogic Australia

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