The latest research from Southbank Cityscope shows property sales value have increased significantly in the past three months, largely due to the transaction of a half stake at $326.2 million in the commercial Tower of Freshwater Place.

Sales recorded in the quarter to May 2019 totalled $724.6 million, a big increase from the $194.4 million recorded in the three months to February 2019 and the $271.8 million recorded in the three months to November 2018.

This data brings the 12 month total to $1.621 billion, an increase from the $1.145 billion recorded the same time last year.

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

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Notable sales in the May 2019 update of Southbank Cityscope include:

  • A 50% interest of 2 Southbank Boulevard, Southbank
    The commercial tower of Freshwater Place, 37 storeys, completed in June 2005 with a net lettable area of 55,769 sqm and parking for 544 cars over seven levels above ground, which was bought for $326.2 million through CBRE Melbourne and JLL Melbourne;
  • The Hotel at 167-169 City Road, Southbank
    A 16-storey hotel with 150 serviced apartments and a retail premises, completed in first quarter of 2019. To be branded as LinQ Hotel and opening in September 2019, the building is highlighted by a diagrid façade that changes shape, adhering to the slanted form toward the crown, which was bought for $45 million and
  • 65-71 Haig Street, Southbank
    A single-storey brick warehouse building with a two-storey office section to part of the front, plus a paved car park for about 16 cars, with a building area of 538 sqm on a 1,001 sqm site, which was under a sale agreement of not exceeding $15.8 million.

 

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Properties listed as for sale in May 2019 update of Southbank Cityscope include:

  • 84 Moray Street, South Melbourne
    A single-storey brick showroom and warehouse, built in 1968 and 86 Moray Street, South Melbourne, a single-storey brick showroom, built in 1968 and refurbished in 2002, are for sale together through Marvelli Town and Associates.
     

Leasing opportunities listed in the May 2019 update of Southbank Cityscope include:

  • 55 Southbank Boulevard, Southbank
    A nine-level building of concrete construction with a curved glass curtain-wall facade, including basement, ground, mezzanine and six upper floors, built in 1989, which has a whole floor on level 6 of 1,115 sqm office space, available through JLL Melbourne;
  • The Tea House at 28 Clarendon Street, Southbank
    A six-storey nineteenth century brick building with a 1984 brick extension, further refurbished in 1992 and converted to the Tea House in 1996, was currently under a major refurbishment, has office space ranging from 300 sqm to 2,600 sqm through CBRE Melbourne and Savills Melbourne and
  • 2 Southbank Boulevard, Southbank
    The commercial tower of Freshwater Place, 37 storeys completed in June 2005, which has refurbished office space ranging from 818 sqm to 6,192 sqm for pre-lease through CBRE Melbourne and Colliers International Melbourne.