The latest research from Melbourne Cityscope shows that commercial property sales have significantly decreased in the past three months. Sales recorded in the quarter ending March 2017 totalled $436.6 million, a decrease from the $1.17 billion in sales recorded in the three months to December 2016 and a decrease from the $1.05 billion recorded in the three months to September 2016. This data brings the 12-month total to $3.101 billion from 276 sales, a decrease compared with the previous 12-month total of $6.157 billion from 329 sales.
The table below shows sales recorded for the past eight updates of Melbourne Cityscope.
The most notable sales recorded for the March 2017 update of Melbourne Cityscope include:
- The proposed W Hotel at 435 Collins Street, Melbourne, which will comprise 294 luxury rooms and will be developed by Cbus, which was bought for about $235 million with settlement due upon completion of the hotel;
- 85 Spring Street, Melbourne, a 16-storey and a two-storey office building with basement parking and net lettable area of 10,700 sqm, which was bought for $75 million and
- Bourke House at 179 Bourke Street, Melbourne, a six-storey concrete building with five street-level shops and net lettable office area of 1,500 sqm, which was bought for $33 million.
Properties for sale in the area covered by Melbourne Cityscope in March 2017 include:
- 21-23 Anthony Street, Melbourne, a three-storey brick former office and workshop building, now converted into a residential building on a 291 sqm site, available through Colliers International Melbourne;
- 102 Little Lonsdale Street, Melbourne, an older three-storey building, constructed in 1894 and internally upgraded in 1979 on a 103 sqm site, available through Colliers International Melbourne;
- 114 Flinders Street Car Park at 114-128 Flinders Street, Melbourne, formerly part of the 101 Collins Street Car Park, developed in conjunction with the 101 Collins Street project on property 25 and completed in 1990; a complex with eleven levels of parking to Flinders Lane, a ground-floor showroom and some office space above to Flinders Street, and two ground-floor showrooms to Flinders Lane, available through CBRE and Knight Frank and
- O’Donohue’s Building at 377-381 Little Bourke Street, Melbourne, a 766 sqm three-storey concrete building on a 266 sqm site, available through Gross Waddell.
Leasing opportunities in the area covered by Melbourne Cityscope in March 2017 include:
- 15W at 15 William Street, Melbourne, an A-grade 20-level office building consisting of a southern section completed in 1967, a matching northern extension added in 1973-74 and a 4-level Flinders Street extension added in 2006, which has office space ranging from 250 to 12,000 sqm for lease through CBRE Melbourne and JLL Melbourne;
- 49-51 Exhibition Street, Melbourne, a seven-storey building with showroom on ground floor and offices above and basement parking for 8 spaces, which has office space ranging from 237 to 1,422 sqm for lease through Colliers International Melbourne and Savills Melbourne and
- Melbourne Chambers at 235 Queen Street, Melbourne, an 11-storey office building with 358 sqm retail space on the ground floor, which has office space ranging from 377 to 1,885 sqm for lease through Colliers International Melbourne and MP Burke Commercial.