The latest research from Melbourne Cityscope shows that commercial property sales value has decreased in the past three months.

Sales recorded in the quarter ending March 2019 totalled $617.1 million, a slight decrease from the $621.5 million in sales recorded in the three months to December 2018 and an increase from the $552.3 million recorded in the three months to September 2018.

This data brings the 12-month total to close to $2.249 billion from 239 sales, a decrease compared with the previous 12-month total of $3.282 billion from 260 sales.

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

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The most notable sales recorded for the March 2019 update of Melbourne Cityscope include:

  • 595 Collins Street, Melbourne, formerly the Transport House
    An office complex comprising two interconnected 18-storey towers plus basement parking for 145 cars; completed in mid-1984. The 31,929 sqm building was under extensive internal and external refurbishment in March 2019, which was bought for $314 million;
  • 85 Spring Street, Melbourne
    A 16-storey office building with 2 storeys to Little Collins Street, built between 1984 and 1988 with a net lettable office area of 10,700 sqm and basement car park, which sold for $114 million; and
  • 520 Collins Street, Melbourne
    An 18-storey office block (once Hooker House) with two ground-floor showrooms to Collins Street, two to the foyer, 14 office floors, two 2-level penthouse suites on levels 16 and 17, and a 17-space car park on the first floor; completed in 1975, which sold for $78 million.

 

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Properties for sale in the area covered by Melbourne Cityscope in March 2019 include:

  • 45 Exhibition Street, Melbourne
    A 6-storey office building with total building area of 1,680 sqm, refurbished in 1987, 1996 and 2017, which is for sale through Colliers International Melbourne;
  • 355-357 Exhibition Street, Melbourne
    A 3-storey rendered brick building, renovated in 1985 and strata subdivided into six units in January 1987. The whole building comprising Unit 1, known as 355 Exhibition Street, a ground level showroom at south-eastern side of the building; Unit 2, known as 357 Exhibition Street, a ground level showroom at north-western side of the building; Unit 3, an office suite on level 1 at south-eastern side; Unit 4, an office suite on level 1 at north-western side; Unit 5, a 145 sqm residence on level 2 at south-eastern side and Unit 6, a residence on level 2 at north-western side, for sale in one line through Savills Melbourne; and
  • 23 Liverpool Street, Melbourne
    An older 2-storey brick warehouse building with an area of 129 sqm, is for sale by auction through Gorman Commercial.
     

Leasing opportunities in the area covered by Melbourne Cityscope in March 2019 include:

  • 440 Collins Street, Melbourne
    Formerly AON House, a 17-storey office building with ground-floor showrooms to Collins Street, shops to Gurners Lane, and a 105-space car park on part of the ground floor and three additional basement levels, which has office space ranging from 360 sqm to 4,775 sqm available through Knight Frank Melbourne and JLL Melbourne;
  • 459 Little Collins Street, Melbourne
    A 17-storey office building with a net lettable area of 9,940 sqm, which has office space ranging from 250 sqm to 1,300 sqm available through Cushman & Wakefield; and
  • 150 Lonsdale Street, Melbourne
    A 29-storey office building completed in 1974, with lettable area of 28,755 sqm, which has whole floor of 1,040 sqm available through Colliers International Melbourne and JLL Melbourne.