The latest research from Southbank Cityscope shows property sales have decreased in the past three months. Sales recorded in the quarter ending November 2016 totalled $610.6 million, a decrease from the $952.9 million recorded in the three months to August 2016 but a large increase from the $187.9 million recorded to May 2016. This data brings the 12 month total to $2.306 billion, an increase from the $1.261 billion recorded the same time last year.
The table below shows sales recorded for the past eight updates of Southbank Cityscope.
Recent standout sales in the Southbank area include:
- Twenty8 Freshwater Place, at 28 Freshwater Place, Southbank, comprising a 26-level building with retail space on the ground level and 19 levels of office space, has sold for $286 million through Colliers International Melbourne. The sale represented an initial yield of 6.60% on passing income of $18,876,000;
- A vacant development site, at 7-23 Spencer Street, Docklands, an 8,607 sqm block of vacant land at site preparation stage has been sold for $97 million through CBRE Melbourne and JLL Melbourne.
Properties for sale in Southbank in November 2016 include:
- Hilton Melbourne South Wharf, at 2 Convention Centre Place, South Wharf, a 5-star hotel comprising ground floor lobby and retail space, a four-level podium and 396 rooms, for sale through JLL Hotels & Hospitality and
- 202-214 Normanby Road, South Melbourne, a high single-storey brick factory-workshop building being marketed as a development site of 1,518 sqm, for sale through CBRE Melbourne.
Significant leasing opportunities in Southbank in November 2016 include:
- 210 Kings Way, South Melbourne, a five-storey brick and concrete office building with a 6,135 sqm building area and 56 car parks, has office space ranging from 670 to 1,890 sqm for lease through Lemon Baxter;
- South Wharf Office Tower at 30 Convention Centre Place, South Wharf, a 12-level office tower with parking for 404 cars, has office space of 491 to 2,665 sqm for lease through Colliers International Melbourne; and
- 182 Kings Way, South Melbourne, comprising two office buildings, has office space ranging from 1,390 to 1,900 sqm for lease through CBRE Melbourne.