The latest research from Eastern Melbourne Cityscope shows property sales have increased in the past three months in total sale value, mainly due to the large sale at 200 – 216 Victoria Parade, East Melbourne.

Sales recorded in the quarter ending April 2020 totalled $441 million from 26 sales, compared to the $60.2 million from 22 sales recorded in the three months to January 2020.

This data brings the 12-month total to $838.3 million, a large increase from the $457.2 million recorded over the same period of the previous year. 

The table below shows sales recorded for the past eight updates of Eastern Melbourne Cityscope.

Notable sales in the April 2020 update of Eastern Melbourne Cityscope include:

  • A future building to be built at 216 Victoria Parade, East Melbourne and 200 Victoria Parade, East Melbourne, to be Victoria Place, an A-grade, 11-storey campus-style commercial development comprising 25,250 sqm of net lettable area including end-of-trip facilities, a sky terrace, and a collection of retail, cafe & associated amenities, which was sold for $330 million;
  • 216 Victoria Parade, East Melbourne, a 10-level office building with parking space to the rear of the ground floor and in the basement and 200 Victoria Parade, East Melbourne, which comprises of 2 buildings, one of 9 levels including two levels of basement parking for 101 cars and one of 7 levels, were sold together for $60.8 million through JLL - Melbourne and 
  • Waverley Square at 541 Blackburn Road, Mount Waverley, an office building of 4 storeys plus lower ground parking with more parking on adjacent paved land (158 cars total) and a building area of 3,718 sqm. which sold for $21.83 million through  CBRE - Melbourne and Colliers International - Melbourne East. The sale represented an initial yield of 5.96% on a passing income of $1,300,000 (n).

Properties listed as for sale in the April 2020 update of Eastern Melbourne Cityscope include:

  • The Empire at 173 Burke Road, Glen Iris, a modern 2-storey office building, with small 1-storey sections at either end of the property with parking for approximately 103 cars undercover and on paved land to the rear and a building area of 3,339 sqm, which is for sale through Colliers International and Alexander Robertson – Melbourne;
  • Lot 3, a 343 sqm office in Pheonix at 670 - 678 Canterbury Road, Surrey Hill, comprises of 3 levels and parking space on the basement level for 53 cars and 7 cars on the ground floor, which is for sale through Colliers International - Melbourne East and
  • Suite 11 at 1018 - 1022 Doncaster Road, Doncaster East, a unit of 236 sqm on the first level of a 2-storey building including six car spaces, which is for sale with an asking price of $1.18 million through CVA Property Consultants.

Leasing opportunities in the April 2020 update of Eastern Melbourne Cityscope include: 

  • Axxess Corporate Park at 307 - 355 Ferntree Gully Road, Mount Waverley, a major office/industrial park of twelve two and three-storey office buildings containing about 116 two-storey office/industrial units, which has office space of ranging from 2,000 to 4,372 sqm available through JLL Glen Waverley, Colliers International – Melbourne East and Dexus Property Group; 
  • Greenwood Business Park, at 301 Burwood Highway, Burwood, three office buildings with a total net lettable area of 19,910 sqm and parking for 968 cars, which has office space ranging from 450 to 3,000 sqm (the whole of building 2) available through Collies International – Melbourne East and 
  • 2 Hall Street, Hawthorn East, to be a 6-storey commercial building with basement car parking and a cafe, which has office space ranging from 310 to 5,034 sqm on levels 1 to 4 in the future building available for pre-lease through Colliers International - Melbourne East.