The latest research from Chapel Street Cityscope shows that commercial property sales value have decreased in the past three months. 

Sales recorded in the quarter to May 2020 totalled $2.4 million from 3 sales, a decrease from the $5.5 million from 2 sales in the three months to February 2020 and a slight increase compared with the $2.1 million from 2 sales in the three months to November 2019. 

This data brings the 12 month total to $30.6 million from 12 sales, a large decrease from the previous twelve month total of $112.7 million from 29 sales. 

The table below shows sales recorded for the past eight updates of Chapel Street Cityscope:

Notable sales recorded in the May 2020 update of Chapel Street Cityscope include:

  • 328 Toorak Road, South Yarra, a two-storey brick retail building with a building area of 105 sqm on a 138 sqm block, which was bought for $1.485 million; 
  • Unit 1 at 48 Macfarlan Street, South Yarra, a 29-sqm retail shop on ground floor, which was bought for $0.24 million and
  • Lot 5 at 96 - 108 Greville Street, Prahran, a retail unit on corner of Porter Street and Leggetts Lane with a unit area of 49 sqm, which was bought for $0.63 million. The sale represented an initial yield of 4.13% on passing income of $26,000.

Properties listed as for sale in the May 2020 update of Chapel Street Cityscope include:

  • 561 Chapel Street, South Yarra, a single-storey brick retail building on a 125 sqm block, which is for sale through Gross Waddell (Melbourne); 
  • 258 Toorak Road, South Yarra, a single-storey brick retail building with a mezzanine level to the rear on a 130 sqm block, which is for sale through Listed & Sold Real Estate - Malvern East and 
  • Commercial lot 83, also known as suite 8 at South Yarra Business Centre at 200 Toorak Road, South Yarra, a commercial suite on the ground floor which includes two car spaces, which is for sale through Morley Commercial. 
     

Leasing opportunities listed in the May 2020 update of Chapel Street Cityscope include:

  • Osborne Business Centre at 141 Osborne Street, South Yarra, a 5-level office building with retail space on ground floor and parking for 21 cars to the rear, which has office space ranging from 300 to 600 sqm available through JLL - Glen Waverley and Colliers International - Melbourne East; 
  • 340-344 Chapel Street, South Yarra, a brick retail building, three storeys to Chapel Street and two storeys to the rear with parking on paved land to the rear for around five cars, which has retail space of 178 sqm on ground level and office space of 118 sqm on level 1 available through Emmetts Real Estate – Melbourne and 
  • 441 Chapel Street, South Yarra, a two-storey brick retail building with parking for two cars in a rear yard, which has retail space of 158 sqm available through TeskaCarson.