The latest research from Melbourne Cityscope shows that commercial property sales value has increased significantly in the past three months, due to the sale of 80 Collins Street.
Sales recorded in the quarter ending June 2019 totalled $1.897 billion from 48 sales, compared to the $615.4 million from 52 sales recorded in the three months ending March 2019 and the $621.5 million recorded in the three months ending December 2018.
This data brings the 12-month total to close to $3.686 billion from 214 sales, an increase from the previous 12-month total of $3.077 billion from 273 sales.
The table below shows sales recorded for the past eight updates of Melbourne Cityscope.
The most notable sales recorded for the June 2019 update of Melbourne Cityscope include:
- 80 Collins Street, Melbourne, comprising an existing 52-storey office tower, completed in 1977; a new office tower of 38-level, a 255-room hotel and a 5,800 retail plaza connecting the three towers, which are under construction, which was sold for $1.476 billion in a deal handled by JLL Sydney and Savills Melbourne;
- 31 Queen Street, Melbourne, a 22-level office building plus five levels of basement parking for 172 cars, with a net lettable office area of 19,213 sqm, which was sold for $200 million; and
- Invicta House at 226-232 Flinders Lane, Melbourne, an 8-storey office building including a basement, with a gross building area of 4,832 sqm on a site of 741 sqm, which sold for $45 million.
Properties for sale in the area covered by Melbourne Cityscope in June 2019 include:
- 355-357 Exhibition Street, Melbourne, a 3-storey strata titled rendered brick building with retail space on the ground floor, office space on level one and residential units on level two including Unit 1 and Unit 2, both showrooms on ground level; Unit 3 and Unit 4, both office suites on level one; and Unit 5 and Unit 6, both residential units on level two, which are for sale through Savills Melbourne;
- 27-31 Dudley Street, West Melbourne, an office building consisting of a ground and a mezzanine floor constructed behind the brick facade of an older building, completed late 1988, with a net lettable area of 650 sqm and 9 car parking spaces, which is for sale through Savills Melbourne; an
- 398-400 Spencer Street, Melbourne, a 2-storey brick building, formerly used as a tavern and currently occupied as an education facility, built in 1975 with a building area of 800 sqm, which is for sale through TCI Property Consultants.
Leasing opportunities in the area covered by Melbourne Cityscope in June 2019 include:
- 570 Bourke Street, Melbourne, a 33-storey office building with ground-floor retail space, and a mezzanine with its own street entry, providing total lettable area of 50,792 sqm, which has office space up to 2,757 sqm available through CBRE Melbourne.
- 672-696 Bourke Street, Melbourne, the former Australia Post Mail Exchange building, 6 and 7 storeys, which has office space of 1,789 sqm available through Savills Melbourne;
- 271-285 Collins Street, Melbourne, a 7 and 10-storey office complex with shops to Elizabeth Street and Flinders Lane, with a total net lettable office area of 32,700 sqm, which has office space ranging from 278 to 1,455 sqm available through Colliers International Melbourne.