News & Research

Commercial Market Update - St Kilda Rd Cityscope October 2021

The latest research from St Kilda Road Cityscope shows property sales’ value has increased in the past three months.

For the three months to October 2021, there were 252 sales at a total value of $356.9 million, compared to the 205 sales at a total value of $204 million recorded in the three months to July 2021 and the 141 sales at a total value of $124.5 million in the quarter to April 2021.

This data brings the 12-month total to $774.5 million from 699 sales, a decrease from the $1.064 billion from 1,024 sales recorded over the previous year.

The table below shows sales recorded for the past eight updates of St Kilda Road Cityscope.

Outstanding sales in October 2021 update of St Kilda Road Cityscope include:

  • Bayview on the Park Hotel and convention centre at 50-52 Queens Road, Melbourne, a four star hotel of 203 rooms including 11 suites in a building of 6 storeys plus basement, refurbished and expanded in the 1990s with addition of two storeys including six suites and 44 rooms plus new conference facilities and service areas. A 2-storey 56-space car park was built to the side and the rear of the site in 1997 and the function room and car park were extended in 2001 and 2003, on a block of 6,966 sqm land, which was sold as a development site for more than $70 million through JLL Melbourne and
  • Yarra City House at 452 St Kilda Road, Melbourne, formerly Airlie Mansion, a two-storey, 14-room rendered brick building in substantially original order with some recent rear additions, built in 1891 as a private house, converted into a guesthouse in 1924 and later used for some years until 1995 as the Royal District Nursing Service Headquarters. The building was externally refurbished in July 2010, with parking for about 30 cars in a rear paved yard, which was bought for $11.48 million through Melbourne Commercial Office Sales & Leasing.

Properties listed for sale in the October 2021 update of St Kilda Road Cityscope include:

  • Unit 308 in St Kilda road Towers at 1 Queens Road, Melbourne, a 39 sqm office suite on level 3 in the 15-storey office and accommodation building, which is for sale through Colliers International Melbourne;
  • Unit 701 at 434 St Kilda Road, Melbourne, a 48 sqm office suite on level 7 in the 7-storey office building with basement and ground parking, built in 1971 and refurbished in 1994, which is for sale through Axis Property – Elsternwick; and
  • Four office suites including Unit 113, 51 sqm, Unit 114, 47 sqm, Unit 115, 51 sqm and Unit 116, approximately 45 sqm, all on level one with four car spaces on separate titles in the Royal Domain Corporate at 370 St Kilda Road, Melbourne, a seven-storey office building built in 1965 and refurbished in 2003, which are for sale through All Commercial Real Estate - Moorabbin.

Significant leasing opportunities listed in the October 2021 update of St Kilda Road Cityscope include:

  • 412 St Kilda Road, Melbourne, a 22-level, B grade office building featuring Melbourne's first talking lifts, made by Otis, including a 7-level, 174-space basement car parking station to Queens Lane, completed mid-1984, internally refurbished in 2020, which has office space up to 16,285 sqm for lease through Colliers International Melbourne and Cushman & Wakefield Melbourne;
  • 417 St Kilda Road, Melbourne, an office building of ten storeys to the front, five to the rear, with two large ground-floor showrooms and a 472-space basement car parking area, completed 1991 and refurbished in 2006, with typical floor plate of 1,192 sqm and a net lettable office area of 20,440, which has office space ranging from 500 to 8,000 sqm for lease through CBRE Melbourne and
  • 71-73 Palmerston Crescent, South Melbourne, a five-storey building, plus basement parking for 40 cars, constructed in 1971 and refurbished in 2006, with a building area of 4,528 sqm, which has office space ranging from 150 to 2,500 sqm for lease through Lemon Baxter - South Melbourne and Colliers International Melbourne.


CoreLogic Australia

CoreLogic Australia

Subscribe to our newsletter

Receive a weekly email with the latest housing market information, news and updates.

By subscribing to our newsletter list, you agree to receiving updates from the CoreLogic Group about property market research & insights, news & events, products & services, marketing research and special offers.
You can opt-out at any time. See our Privacy Policy to find out more.