News & Research

Commercial Market Update - St Kilda Road Cityscope January 2022

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

For the three months to January 2022, there were 149 sales at a total value of $172.9 million, compared to the 250 sales at a total value of $356 million in the quarter to October 2021 and the 205 sales at a total value of $204.6million in the quarter to July 2021.

This data brings the 12-month total to $858 million from 745 sales, a decrease from the $876.4 million from 977 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 January 2022 update of St Kilda Road Cityscope include:

  • 607 St Kilda Road, Melbourne, a ten-storey office building, completed 1990, with a net lettabel area of 7,207 sqm, a 129-space two-level basement car park plus another 8 parking spaces at ground level, refurbished in 2000 and 2012, which was bought for $74.325 million through Cushman & Wakefield Melbourne and JLL Melbourne.

Outstanding residential sales in January 2022 update include:

  • Unit 1105 in The Victoriana at 20 Queen Road, Melbourne, a 4-bedroom residential apartment facing east and south aspects with a balcony on level 11 including 3 car spaces on basement level 1, in the 18-level building consisting of a range of 1, 2, 3 & 4 bedroom apartments with three basement car park levels, completed in April 2021. The unit was bought off the plan for $3.65 million.

Properties listed for sale in the January 2022 update of St Kilda Road Cityscope include:

  • 570 St Kilda Road, Melbourne, an eight-storey concrete and glass office building with a ground-floor showroom, plus a two-level, 143-space basement car parking area to Queens Lane, and six parking spaces at the rear of the ground floor; built in 1990 with a net lettable office area of 7,737 sqm and typical floor area of 1,050 sqm, which is for sale through CBRE and Cushman & Wakefield Melbourne;
  • Unit 301 at 434 St Kilda Road, Melbourne, a 100 sqm office suite on south east corner on level three in the 7-storey office building with basement and ground floor parking for 75 cars, built in 1971 and refurbished in 1994 to 1996, which is for sale through Xynergy Commercial - Melbourne and
  • Unit 515 at The Jewel at 566 St Kilda Road, Melbourne, a 62 sqm office suite plus 19.5 sqm outdoor space on level five in the 8-storey office building with two floors of underground parking for 210 cars, converted in 1999 from the original 5-storey building, which is for sale through The Agency.

Significant leasing opportunities listed in the January 2022 update of St Kilda Road Cityscope include:

  • 616 Kilda Road, Melbourne, an 11-storey office building with lower ground-floor parking plus a 3-storey car parking station at the rear of the site on Queens Lane and outdoor car parking also to Queens Lane, for a total of parking for 229 cars, completed 1980 and refurbished in 1997, with total building area of 13,408 sqm and typical floor plates of 1,254 sqm, which has office space ranging from 170 sqm to 1,247 sqm on various levels for lease through Cushman & Wakefield – Melbourne and Knight Frank – Melbourne;
  • 492 St Kilda Road, Melbourne, a 13-storey office building with ground-floor showrooms and a two-level basement car parking area with 161 spaces, completed in 1971. The building has a net lettable area of 8,880 sqm and typical floor plates of 840 sqm, which has office space ranging from 50 sqm to 800 sqm on various levels for lease through Lemon Baxter – South Melbourne and
  • 5 Queens Road, Melbourne, an 11-storey hexagonal glass and granite office building with basement parking for 323 cars, completed 1989. The building has a net lettable area of 17,720 and typical floor plates of 1,690 sqm, which has office space ranging from 170 sqm to 800 sqm for lease through Colliers International – Melbourne East and Thorburn commercial Property Melbourne.

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