The latest research from Chapel Street Cityscope shows that commercial property sales value have increased in the past three months.
Sales recorded in the quarter to August 2018 totalled $70.6 million from 15 sales, an increase from the $18.4 million from 5 sales in the three months to May 2018 and an increase compared with the $10.4 million from 11 sales in the three months to February 2018. The increase is largely due to the $50 million sale of 627 Chapel Street in South Yarra.
This data brings the 12 month total to $109 million from 36 sales, an increase from the previous twelve month total of $90.2 million from 32 sales.
The table below shows sales recorded for the past eight updates of Chapel Street Cityscope:
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Notable sales recorded in the August 2018 update of Chapel Street Cityscope include:
- 627 Chapel Street, South Yarra, an office building of six levels plus basement parking for 86 cars, completed 1986, with a net lettable area of 5,714 sqm, which sold for $50 million through CBRE - Melbourne;
- 427 Chapel Street, South Yarra, a two-storey 335 sqm brick building with a courtyard to the rear on a site of 214 sqm, which sold for $4.037 million through CBRE – Melbourne and
- 200 Commercial Road, Prahran, a three-storey building with retail space on ground level, two three-bedroom apartments on upper levels and a yard to the rear, which sold for $2.85 million through Gross Waddell.
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Properties listed as for sale in the August 2018 update of Chapel Street Cityscope include:
- 182-184 Commercial Road, Prahran, a two-storey 371 sqm retail building with a newer brick extension to the lane on a site of 278 sqm, 188-190 Commercial Road, Prahran and 192-194 Commercial Road, Prahran, a two-storey retail building with a single-storey addition to the rear, on a site with a combined area 848 sqm, which are offered together through Teska Carson;
- The Old Post Office at 168 Greville Street, Prahran, a three-storey redevelopment of the former Prahran Post Office with a two-storey extension to the rear of the building, completed in 2010, providing 400 sqm of retail space on the ground level and 920 sqm office space on the upper two levels, which is for sale through CBRE Melbourne and
- Unit 4 at 529 Chapel Street, South Yarra, a 145 sqm retail shop on ground level in the two-storey office and retail building, which is available through iHomes Real Estate - Box Hill North.
Leasing opportunities listed in the August 2018 update of Chapel Street Cityscope include:
- 447 Chapel Street, South Yarra, a two-storey brick retail building with roller door access to the rear, which has retail space of up to 480 sqm available through Buxton - Oakleigh;
- 627 Chapel Street, South Yarra, an office building of six levels plus basement parking for 86 cars, which has office space ranging from 115 sqm to 350 sqm available through TeskaCarson and
- 276 Chapel Street, Prahran, a two-storey brick building with a single-storey part to the rear and parking for four cars, which has retail space of 330 sqm available through Emmetts Real Estate - Melbourne.