The latest research from Melbourne Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter ending June 2021 totalled $608.7 million from 56 sales, compared to the $406.7 million from 62 sales recorded in the quarter ending March 2021 and the $546.2 million from 31 sales recorded in the three months ending December 2020.

This data brings the 12-month total of more than $2.507 billion from 181 sales, a decrease from the previous 12-month total of more than $3.463 billion from 227 sales.

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

The most notable sales recorded for the June 2021 update of Melbourne Cityscope include:

  • Russell Kennedy Centre at 469 La Trobe Street, a 19-storey office building with two ground-floor showrooms, and car parking (47 spaces) on several lower floors including the basement; completed 1988 and refurbished in 2005. The property which has a lettable area 19,812 sqm and typical floor plate of 1,220 sqm on a 1,653 sqm block, was bought for $201.3 million through JLL - Melbourne and CBRE Melbourne;
  • A sale of 25 strata units in the 17-level building at 235-251 Bourke Street (known as Tivoli Court and Tivoli Arcade, comprising 15 storeys of offices above a ground floor shopping arcade (including 4 shops to Bourke Street, 3 to Little Collins and about a dozen more inside) plus an 85-space basement car park, which includes Lot 3A basement car park level with ramp access from ground level for 85 cars, Lot 5A being the whole of level one, Lot 101 a ground level shop on the corner of Bourke Street and Royal Lane, Lot 102 known as shop 28 on ground level, Lot 103 known as shop 27 on ground level, Lot 104 known as suite 34 on ground level with frontage to Royal Lane, Lot 105 known as shop 33 on ground level, Lot 106 known as shop 26 on ground level, Lot 107known as shop 25 on ground level, Lot 108 on ground level at rear with frontage to Royal Lane, Lot 109 known as shop 18 at rear on ground level, Lot 110 on ground level at rear with access from Rainbow Alley, Lot 111 known as shop 17 on ground level, Lot 112 known as shop 16 on ground level, Lot 113 known as shop 15 on ground level, Lot 114 known as shop 14 on ground level, Lot 115 known as shop 12 on ground level, Lot 116 known as shop 11 on ground level, Lot 117 known as shop 10 on ground level with frontage to Bourke Street, Lot 118 known as shop 8 on ground level with frontage to Bourke Street, Lot 119 known as shop 2 on ground level with frontage to Bourke Street, Lot 120 on ground level, Lot 121 on ground level, Lot 122 on ground level and Lot 123 known as shop 30 on ground level, which was bought for $73 million through Colliers International – Melbourne and TT Global; and
  • Tomasetti House at 277-279 Flinders Lane, a seven-storey brick and bluestone building with basement which was originally built in 1853 and refurbished with a new Art Nouveau façade and extra levels added in 1989 at a cost of $4 million. The building entrance and ground floor refurbishment was completed in mid-2007 and has a net lettable office area 3,814 sqm, was bought for $43 million through HTL Property.

Properties for sale in the area covered by Melbourne Cityscope in June 2021 include: 

  • Jasper Hotel at 489-499 Elizabeth Street, a boutique hotel and conference centre, rebranded and relaunched in early 2007 after a major $4.5 million redevelopment. The 9-storey building was completed in 1975 as the YWCA building with a most recent redevelopment included 65 hotel rooms, conference facilities, business centre and an adjoining retail outlet, which is available via an expressions of interest closing 31st July 2021 through Colliers International Melbourne;
  • Nicholas Building at 27-41 Swanston Street, built in 1926 to a design by Harry Norris, an 11-storey office building with two showrooms to Swanston Street; on the ground floor, the Cathedral Arcade which was refurbished and subdivided in 1998. The ground floor of the smaller building was renovated in early 1992 and the ground floor facade was restored in March 2020. The building with a net lettable office area 6,283 sqm, which is for sale via a local and international expressions of interest closing 12 August 2021 with price expectation of more than $80 million through Allard Shelton and Colliers International Melbourne and
  • 29 Guildford Lane, a three-level former workshop and factory building converted to a residential building with rooftop garden in 1989. The building was extended to five storeys in 2013/2014 and is available via expressions of interest closing July 30, 2021 through Gray Johnson.

Leasing opportunities in the area covered by Melbourne Cityscope in June 2021 include: 

  • 222 Bourke Street, part of Target Centre, a 5-storey building built on the site of the Theatre Royal which was destroyed by fire in 1872 and rebuilt the same year. The theatre was bought by Manton & Sons in 1933, and demolished to make way for the present building, operated as a department store by Mantons until 1955 and was totally reconstructed in 1994-95. Part of the Bourke Street frontage was altered in 1996, and an entry to the west of the Bourke Street frontage was refurbished in 1999, which has office space ranging from 3,855 sqm on level 2, 3,855 sqm on level 3 and 3,555 sqm on level 4 for lease through Colliers International - Melbourne;
  • Queen & Collins, at 376-390 Collins Street, comprises a 35 level A-Grade office tower on the northern half of the site, flanked by three integrated heritage buildings known as 380 Collins Street, a five level former Stock Exchange Building, 388 Collins Street, a five level ANZ Branch building and 90 Queen Street, a seven-level Safe Deposit Building. The office tower and restoration of the three old buildings were completed in late 1993. The property with a total building area, 36,300 sqm (office space of 34,900 sqm and retail space of 1,400 sqm plus 56 car parking spaces, which has office space ranging from 200 to 10,000 sqm for lease through Knight Frank Melbourne and GPT Property Management and
  • OCBC House at 561-571 Bourke Street and the former Gollin & Company building. On the corner of Church Street, a 5-storey office building at 563 Bourke Street, built as a warehouse in Queen Anne-style and at 565 Bourke Street, a 16-storey red and black granite-clad office building constructed in 1989 around and over the older offices and two-level basement car parking for 63 cars. In 1999 the building was altered to accommodate a food court, restaurant, gymnasium and retail space; the facade was also upgraded. The property with a total building area 15,827 sqm, which has office space ranging from 250 to 5,130 sqm for lease through Colliers International and CBRE Melbourne.