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 September 2021 totalled $539.3 million from 52 sales, a decrease compared to the $616.3 million from 56 sales recorded in the quarter ending June 2021, but an increase compared to the $407.1 million from 62 sales recorded in the quarter ending March 2021.

This data brings the 12-month total of more than $2.109 billion from 201 sales, a decrease from the previous 12-month total of more than $3.116 billion from 180 sales.

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

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

  • A two thirds interest of the 299-leasehold of Myer Emporium Bourke Street department store, at 314-336 Bourke Street, Melbourne, consisting of a nine-storey main building to Bourke Street and a six-storey extension to Little Bourke Street. The eastern section of the building facing Bourke Street was built in 1914 and a later section was built in 1933. Redeveloped in 2008 to 2013, the building has about 39,923 sqm of retail space, on a site of 5,680 sqm, which was bought by different parties in two separate transactions for close to $135.167 million each, both deals through JLL Melbourne and Colliers International Melbourne;
  • Units 1 to 15 in the building at 388 Lonsdale Street, Melbourne, including basement level, ground floor, level one, level two, level three, level four, level five, level six, level seven, level eight, level nine, level ten, levels eleven and twelve, in the 18-storey residential and retail/office building, originally a 12-storey building built in 1959 and expanded with additional 7 levels in 2020, were bought together for $80 million through Colliers Internal Melbourne and JLL Melbourne; and
  • 446 Collins Street, Melbourne, an 11-storey office building with a basement, and a small tower on top of the building to the corner, built in 1967 and refurbished in late 1988 and in 2020, with a net area of 5,600 and typical floor area of 446 sqm, which was bought for $72.625 million through CBRE Melbourne.

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

  • 539-545 Flinders Lane, Melbourne, currently a two-storey office-warehouse building of concrete construction with car parking on ground floor and a net lettable office area of 3,300 sqm, on a block of 1,729 sqm land, which has a permit for a multi storey development over two towers of residential hotel and serviced apartments with associated hotel amenities, which is for sale as a development site through JLL Melbourne;
  • Melbourne Chambers at 235 Queen Street, Melbourne, an 11-storey office building with a net lettable area of 3,878 sqm including 358 sqm retail space on the ground level, typical floor plate 355 sqm, which is for sale through MP Burke Commercial Melbourne and Colliers International Melbourne; and
  • 22-24 Bennetts Lane, Melbourne, a block of 150 sqm land with a dilapidated single-storey brick and corrugated iron workshop building of 130 sqm on site, which has consent for a 13-level development, is for sale as a development site through CBRE Melbourne.

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

  • 180 Lonsdale Street, Melbourne, the office component of the BHP Billiton Centre, comprising office space over 22 levels from levels 7 to 28, total net lettable area of 44,000 sqm, which has office space from  750 sqm to 13,500 sqm available through owner Dexus Property Group and agent Colliers International Melbourne;
  • 380 La Trobe Street, Melbourne, a 24-level office building with ground level retail space and net lettable office space of 21,981 over 18 levels, completed in late 2003, which has office space ranging from 1,218 sqm to 6,158 sqm available through Colliers International Melbourne; and
  • 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, completed in mid 2009, which has office space ranging from 629 sqm to 5,350 sqm available through Colliers International Melbourne and Knight Frank Melbourne.