The latest research from Melbourne Cityscope shows that commercial property sales value has decreased significantly in the past three months, due to the sale of 80 Collins Street that was recorded in the June update.
Sales recorded in the quarter ending September 2019 totalled $958 million from 70 sales, compared to the $1.938 billion from 49 sales recorded in the three months ending June 2019 and the $614.3 million recorded in the three months ending March 2019.
This data brings the 12-month total to close to $4.133 billion from 225 sales, an increase from the previous 12-month total of $2.366 billion from 260 sales.
The table below shows sales recorded for the past eight updates of Melbourne Cityscope.
The most notable sales recorded for the September 2019 update of Melbourne Cityscope include:
- Telstra Centre, 242 Exhibition Street, Melbourne
A 47-level office tower with typical floor plate of 1,470 sqm in the centre of the site, dropping to 3 storeys on the street frontages where there are several showrooms and a lower ground food court to Little Lonsdale Street. The building includes a theatrette, library, conference centre, recreation centre and a basement car park entered from Little Lonsdale Street and was sold for $830 million through Cushman & Wakefield. The sale represented an initial yield of about 4.60% on passing income of $38,180,000;
- Vacant land at 21-23 Wills Street, Melbourne
With a site area of 705 sqm, which was sold for $30.7 million through Knight Frank and
- Flagstaff City Inn at 45-57 Dudley Street, Melbourne
A 2-storey brick and concrete motor inn and restaurant with ground floor car parking for 13 cars on a site of 1,289 sqm and operated as part of the Best Western group, which sold for $18 million through Savills Melbourne.
Properties for sale in the area covered by Melbourne Cityscope in September 2019 include:
- Swann House, also known as Orion House at 22 William Street, Melbourne
An art deco style 12-level building of reinforced concrete construction, it includes eleven office floors from 500 sqm, building area of 5,700 sqm and basement parking for 13 cars, which is for sale through CBRE - Melbourne and Colliers International Melbourne;
- 11 Jeffcott Street, Melbourne
An older 1 and 2-storey brick workshop building with a newer 2 storey concrete extension on the western side; converted to offices in 1997 with a building area of 561 sqm and a site area of 457 sqm, which is for sale through Allard Shelton and
- The hotel component of 101 Elizabeth Street, Melbourne
Known as Hotel ibis Budget, comprising the basement level, entry foyer on the ground level and 146 rooms across levels 1 to 6, which is for sale through CBRE Hotels.
Leasing opportunities in the area covered by Melbourne Cityscope in September 2019 include:
- Northbank Place East Tower at 525 Flinders Street, Melbourne
An 11-level commercial office building of 10,000 sqm with retail and foyer spaces on the ground floor, which has various refurbished commercial spaces of 100 to 4,451 sqm available to pre-lease through Savills Melbourne and CBRE Melbourne;
- 459 Little Collins Street, Melbourne
A 17-storey office block of 9,940 sqm with parking for 26 vehicles, which has office space of 250 to 650 sqm available through Cushman & Wakefield and
- 96 Flinders Street, Melbourne
An older 6-level brick office building including a basement, which has office space ranging from 300 to 1,850 sqm available through Colliers International Melbourne.