The latest research from St Kilda Road Cityscope shows property sales’ value has increased in the past three months.
For the three months to April 2021, there were 139 sales at a total value of $123.2 million, an increase compared to the 100 sales at a total value of $88.7 million in the previous quarter to January 2021 but a decrease compared to the 337 sales at a total value of $299.8 million in the quarter to October 2020. This data brings the 12-month total to $892.8 million from 970 sales, an increase from the $869 million from 690 sales recorded over the previous year.
The table below shows sales recorded for the past eight updates of St Kilda Road Cityscope.
Outstanding commercial sales in April 2021 update of St Kilda Road Cityscope include:
- 596 St Kilda Road, Melbourne, vacant land of 1,804 sqm, which has dual frontage with 24 metres to St Kilda Road, with permit approved for a 19-storey development including residential apartments and retail premises, a total NSA of approximately 11,670 sqm, which was under contract for about $25 million through Colliers International - Melbourne;
Notable residential sales in April 2021 update of St Kilda Road Cityscope include:
- Unit 801 at 74 Eastern Road, South Melbourne, a 3-bedroom apartment with a wrap-around balcony on level 8 of the 10-storey building, including four car parking spaces on the ground level and level one, which was bought for $6.6 million through The Agency – Port Phillip; and
- Unit 1802 at The Fawkner Residences at 499 St Kilda Road, Melbourne, a 2-storey residential unit to the western end on levels 18 and 19 with two terraces on level 19 including a car park space on basement level 1, which was bought for $3.99 million through Marshall White.
Properties listed for sale in the April 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, renovated and extended during 1980s and 1990s, two storeys were added 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, also extended with additional 40 spaces in 2003, which was for sale through JLL Melbourne;
- Unit 20 at Albert Gate at 150 Albert Road, Melbourne, a 344 sqm office suite on level 5 of the 6-storey office building built in 1991, which is for sale through Dixon Kestles South Melbourne and
- 349 Moray Street, South Melbourne, a two-level office building constructed 1980, refurbished in 1988 and 2008, with a building area of 380sqm, which is for sale through Melbourne Acquisitions.
Significant leasing opportunities listed in the April 2021 update of St Kilda Road Cityscope include:
- The former St Kilda Road Police Complex at 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 and internally refurbished in 2020, which has up to 16,285 sqm of office space for lease through Colliers International Melbourne and Cushman & Wakefield Melbourne;
- 424 Illoura at 424 St Kilda Road, Melbourne, built 1966 (the northern section) and 1983 (southern section), a 6-storey building constructed in a U-shape around a glass-roofed atrium. Each office suite faces onto the atrium, which features three fountains. Refurbished in 1990, the building also has a 137-space basement car parking area, which has office space ranging from 115 to 6,000 sqm available through Colliers International Melbourne and Lemon Baxter South Melbourne; and
- VACC House at 464-466 St Kilda Road, Melbourne, a three-and-eight-storey office building designed in a stepped form with the first three storeys set towards St Kilda Road, with various areas in the building refurbished from the 1990s to 2004, which has office space of 2,843 sqm on level 2 and 1,722 sqm on level 4 available through Colliers International Melbourne and Thorburn Commercial Property.
CoreLogic Australia