The latest research from Eastern Melbourne Cityscope shows property sales have decreased in the past three months in total sale value and quantity.
Sales recorded in the quarter ending October 2020 totalled $51.8 million, compared to the $128 million from 19 sales in the quarter ending July 2020 and the $441 million from 26 sales recorded in the three months ending April 2020 (which was mainly due to the large sale at 200 – 216 Victoria Parade, East Melbourne).
This data brings the 12-month total to $681 million, an increase from the $523.2 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 October 2020 update of Eastern Melbourne Cityscope include:
- The Empire at 173 Burke Road, Glen Iris, a modern 2-storey office building of 3,399 sqm with small single-storey sections at either end of the property and parking for about 103 cars, which was bought for $29.25 million on an initial yield of 2.72% through Colliers International – Melbourne East and Alexander Robertson;
- 90 Camberwell Road, Hawthorn East, a two and three-level office building of 630 sqm with a basement parking for 15 cars, built in 1986, which was bought for $6 million on an initial yield of 4.65% through Fitzroys and
- 345 Riversdale Road, Hawthorn East, a one and two-storey brick office building of 142 sqm with parking area for 8 cars; 347 Riversdale Road, Hawthorn East, a one and two-storey brick office building of 174 sqm with parking area for 6 cars and 347A Riversdale Road, Hawthorn East, a 2-storey brick office building with gross area of 250 sqm, a rear garden and parking area for 5 cars, were sold together for about $4.5 million through CBRE.
Properties listed as for sale in the October 2020 update of Eastern Melbourne Cityscope include:
- Bowlers House at 21 Burwood Road, Hawthorn, a four-level office building with a net lettable area of 2,403 sqm and parking for 54 cars on a block of 1,521 sqm land, which is for sale through Knight Frank – Eastern Office;
- Unit 5 in the 3-storey building at 38-40 Montclair Avenue, Glen Waverley, a 204 sqm office suite on ground level including 3 ground level and 4 basement level car spaces, which is for sale through CBRE and
- Suite 14 in Building C of Nexus Corporate Park at 35 Dunlop Road, Mulgrave, a 2-storey office with high clearance warehouse space, comprising 300 sqm office and 170 sqm warehouse and 8 car spaces in the common property paved yard, which is for sale through Colliers International – Melbourne East.
Leasing opportunities in the October 2020 update of Eastern Melbourne Cityscope include:
- Axxess Corporate Park at 307-355 Ferntree Gully Road, Mount Waverley, a major office and industrial park, developed in stages since 1972 and offering scope for further development. It had a gross lettable area of about 85,300 sqm in mid 2015, comprising 12 two and three-storey office buildings containing about 116 two-storey office/industrial units, which has office space ranging from 2,000 sqm to 4,372 sqm through JLL Glen Waverley and Knight Frank Eastern Office;
- 600 Glenferrie Road, Hawthorn, an office complex comprising three interlinked office buildings including a 4-storey concrete building with basement parking for 39 cars and warehouse office buildings including parking for 40 cars, built in 2003, which has a total building area of 6,940 sqm, which has office space ranging from 200 to 3,719 sqm available through United Petroleum – Australia and
- 347-351 Burwood Highway, Forest Hill, two office buildings of two and three storeys built in 1996 and 1998 respectively plus a 3-level car park building to the rear providing a total building area of about 10,692 sqm and 700 car bays, which has office space ranging from 420 to 3,500 sqm available through JLL Metro Market and CBRE Melbourne.