The latest research from Melbourne Cityscope shows that commercial property sales have decreased in the past three months. Sales recorded in the quarter ending March 2018 totalled $403.6 million, a decrease from the $934.3 million in sales recorded in the three months to December 2017 and a decrease from the $1.274 billion recorded in the three months to September 2017.

This data brings the 12-month total to $3.258 billion from 247 sales, an increase compared with the previous 12-month total of $3.093 billion from 278 sales. 

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

Melbourne cityscope quarterly sales


The most notable sales recorded for the March 2018 update of Melbourne Cityscope include:

  • 140 Queen Street, Melbourne, a 14-storey office building completed in 1966 with a building area of 7,197 sqm, 27 McKillop Street, a single-storey brick building of 700 sqm on a site of 779 sqm and 431 Bourke Street, an 11-storey office block, formerly the Challenge Bank building, completed in 1973 with a building area 3,256 sqm, which all sold together for approximately $115 million through Colliers International Melbourne and Charter Keck Cramer;
  • The whole building at 42-56 Franklin Street, Melbourne Unit 1, Unit 2, Unit 101 Unit 201, Unit 301, Unit 401, Unit 501 Unit 601, Unit 701,Unit 801, Unit 901, Unit 1001, Unit 1101, Unit 1201, Unit 1301, Unit 1401, Unit 1501, Unit 1601, a 19-level strata office block, comprising basement parking for 33 cars and 18 units over ground floor retail space and office space from level 1 to level 17, which sold for $90.15 million through Savills Melbourne and Colliers International Melbourne and 
  • 150 Queen Street, Melbourne, the former Tower Melbourne development site, which began mid-2014 but then stalled at demolition stage in 2015, which sold for $55 million through Colliers International Melbourne and Charter Keck Cramer.

 

Melbourne cityscope quarterly sales graph


Properties for sale in the area covered by Melbourne Cityscope in March 2018 include: 

  • 601 Bourke Street, Melbourne, an 11-storey office block with two ground-floor showrooms and a 26-space basement car park with a building area of 8,082 sqm, is for sale through CBRE Melbourne;
  • 9-11 Exploration Lane, Melbourne, a development site at excavation stage in which the future completed project (a 130-room hotel) is for sale through Ray White Hotels;
  • Christie Offices at 454-458 Collins Street, Melbourne, an 11-storey office building with a ground-floor showroom and basement, built in 1960 and refurbished in 1988 with a building area of 2,445 sqm, is for sale, subject to a 10-year leaseback to the tenant, through CBRE Melbourne.

Leasing opportunities in the area covered by Melbourne Cityscope in March 2018  include: 

  • 15W at 15 William Street, Melbourne, an A-grade 20-level office building consisting of a southern section completed in 1967 and a matching northern extension added in 1973-74, has office space of 490 to 12,000 sqm for lease through CBRE Melbourne and JLL Melbourne; 
  • Maurice Blackburn House at 456 Lonsdale Street, Melbourne, a 15-level office block including a two-level basement car park with 23 spaces, which has office space ranging from 670 to 5,360 sqm for lease through Cushman & Wakefield and Colliers International Melbourne and 
  • 101 Collins Street, Melbourne, a premium grade 57-level steel-frame granite clad office complex topped by a 65-metre open-latticework tower, which has office space from 389 to 4,385 sqm available through Colliers International Melbourne and Office Hub Sydney.
     

Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope. Subscribe to the free Commercial Pulse eNewsletter Get the latest commercial news and sales data each week from our CoreLogic Commercial Pulse! Click here to subscribe