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 2020 totalled $843.4 million from 39 sales, compared to the $235.9 million from 55 sales recorded in the quarter ending March 2020 but a decrease from the $1.093 billion from 62 sales recorded in the three months ending December 2019.

This data brings the 12-month total to close to $3.132 billion from 226 sales, a decrease from the previous 12-month total of $3.729 billion from 217 sales. 

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

The most notable sales recorded for the June 2020 update of Melbourne Cityscope include:

  • A 50% interest in The Rialto, at 525 Collins Street, Melbourne, comprising two premium grade office towers of 59 level and 38 levels, with the taller building at approximately 250 metres in height, a covered plaza to Collins Street and a 612-space basement car park to Flinders Lane. There is a self-contained 260-seat theatrette between the south tower and Flinders Lane. The building won the BOMA Award for overall excellence in 1986 and the 1986 ACEA Engineering Award of Merit, and it was sold with a half share in the former York Butter Factory at 62-66 King Street, Melbourne, a 2-storey bluestone building, built as two adjacent warehouses in 1854 and 1855, converted to a butter factory in 1902 and restored as part of the Rialto project in 1986 with the front of the building refurbished in 1997, for $644 million; 
  • David Jones “Men’s Store” at 299 Bourke Street, Melbourne, a six-storey retail building mainly built in 1930, refurbished in late 1987 and the facade was restored in 1996 and 1997, with a building area of 14,504 sqm, was bought for $120 million in a deal arranged by CBRE Melbourne and 
  • Rido House at 276 Russell Street, Melbourne, a 5-level building including a basement and two showrooms, built in 1968 and refurbished in 1989, with a net lettable office area of 1,052 sqm, which was bought for $20 million.

 

Properties for sale in the area covered by Melbourne Cityscope in June 2020 include: 

  • 21-23 Anthony Street, Melbourne, a three-storey brick former office and workshop building, converted to a residential building in 1996, available for sale with development application approval at an asking price of $8 million through Tiga Commercial – Melbourne; 
  • Lot 402 at 488 Bourke Street, Melbourne, a 76 sqm office suite on level 4 of a 12-storey office building, available for sale through Mulcahy Butera – Melbourne and 
  • Lot D at The Edition at 18 Katherine Place, Melbourne, a 61 sqm retail shop, for sale through CBRE. 
     

Leasing opportunities in the area covered by Melbourne Cityscope in June 2020 include: 

  • 385 Bourke Street, Melbourne, a 41-storey tower including a theatrette, the Galleria Shopping Plaza, a two-level structure including two banking chambers and a glass-roofed shopping gallery with a fitness centre on level one plus a 238-space basement car park, which has office space ranging from 228 to 10,818 sqm for lease through Dexus Property Group Melbourne and Cushman & Wakefield – Melbourne; 
  • 600 Collins Street, Melbourne, a 4-storey retail and office building, including eight ground-floor shops and showrooms, a rear ground-floor showroom, and a rooftop garden and playground, which has office space of 919, 1,018 and 1,959 sqm on level 2 for lease through Fitzroys and 
  • The Pavilion Retail Centre at 360 Bourke Street, Melbourne, a retail development of three storeys plus basement, completed late 1995, which has retail space of 630 plus office space of 128 sqm for lease through Fitzroys.