The latest research from Chapel Street Cityscope shows that commercial property has decreased both in total sales and value for the past three months.
Sales recorded in the quarter to August 2021 totalled $34.4 million from 7 sales, compared to the $55.6 million from 12 sales in the quarter to May 2021 and the $31.7 million from 11 sales in the three months to February 2021.
This data brings the 12-month total to $123.9 million from 32 sales, a large increase from the previous twelve month total of $16.9 million from 12 sales.
The table below shows sales recorded for the past eight updates of Chapel Street Cityscope:
Notable sales recorded in the August 2021 update of Chapel Street Cityscope include:
- 169-175 Toorak Road, South Yarra, a two-storey brick building with four faux-Tudor shops at street level and a small one-storey section to Yarra Street, a building area of 657 sqm on a block of 613 sqm, which sold for $13.15 million through Emmetts Real Estate – Melbourne;
- 182-184 Commercial Road, Prahran, a two-storey retail building with a newer brick extension to the lane, a building area of 371 sqm and a site area of 278 sqm; 188-190 Commercial Road, Prahran, a two-storey retail building on a block of 420 sqm and 192-194 Commercial Road, Prahran, a two-storey retail building with a single-storey addition to the rear and parking for one car in a brick garage to the rear, were sold together for $11.4 million through Stonebridge Property Group - Melbourne and
- 257 Chapel Street, Prahran, a two-storey brick building with ground level shops and offices above with the first level having a separate entry from Greville Street, building area 632 sqm, which was bought for $5.2 million through Gross Waddell ICR – Melbourne.
Properties listed as for sale in the August 2021 update of Chapel Street Cityscope include:
- Hotel Claremont at 189 Toorak Road, South Yarra, a three-storey brick Italianate 77-room hotel building with two shops to Toorak Road and one to Claremont Street. The Hotel was built in 1886 as the South Yarra Coffee Palace, it was one of several temperance hotels set up during that period. There is parking for 8 cars on paved land to the rear and further undercover parking. It is for sale with expectations of $20,000,000 plus through Teska Carson – Richmond;
- 232-234 Chapel Street, Prahran, a two-storey retail building to Chapel Street, with a two-storey extension containing shops and offices to Cecil Place and with a total building area of 440 sqm, which is for sale through Fitzroys – Melbourne and
- Unit 5 at 197-205 Greville, Prahran, a shop of 108 sqm on the ground floor of the former Dixon's Buildings, a two storey building with five shops at street level, which is for sale through Gross Waddell ICR -Melbourne.
Leasing opportunities listed in the August 2021 update of Chapel Street Cityscope include:
- Osment Buildings at 197-205 Chapel Street, Prahran, three storeys with symmetrical facade of red brick and cement render incorporating green faience columns, giant latticework and elliptical motifs. Built 1910-1911 by descendants of Henry Osment, the buildings are set around a central courtyard, and are now used as shops to Chapel Street, with studios and offices above, and apartments on the top level. There is parking for around five cars on paved land to the rear. The buildings have office space of 1,035 sqm on levels 1 and 2 for lease through Allard Shelton Melbourne;
- 278-280 Toorak Road, South Yarra, a single-storey building of 160 sqm containing a shop and a restaurant with parking for two cars on paved land to the rear, available for lease through Gross Waddell ICR – Melbourne and
- 2 Darling Street, South Yarra, a four-level office building, completed in 2004, with a ground floor cafe and three levels of office space and an area to park several cars, has the whole of level one of 245 sqm for lease through Healthcare Property Group.