The latest research from St Kilda Road Cityscope shows property sales value have decreased significantly in the past three months.
For the three months to April 2019, there were 99 sales at a total value of $61.6 million, a decrease from 252 sales at a total value of $425.6 million from the previous quarter. This data brings the 12-month total to $965.7 million from 952 sales, a decrease from the $1.695 billion from 1,216 sales recorded over the previous year.
The table below shows sales recorded for the past eight updates of St Kilda Road Cityscope.
Recent standout sales in April 2019 update of St Kilda Road Cityscope include:
- 234 Albert Road, South Melbourne
A 3-storey office building with a total floor area of 390 sqm, constructed in 1966 and refurbished in 1998 which comprises Unit 1on ground floor; Unit 2 the whole first floor and Unit 3 the whole second floor; plus paved vacant land to the rear of the property used as a six-space car parking area, was sold for $3.4 million through Emmetts Real Estate;
- 55 Bromby Street, Melbourne
A two-storey brick terrace house converted to use as offices with seven main rooms and a small yard to the rear and building area of approximately 150 sqm, which was sold for $2.95 million and
- Unit 1502 at Opera Melbourne, 450 St Kilda Road, Melbourne
A residential apartment with two balconies on level 15 facing northwest including a car space on basement level 2, which was sold for $2.7 million.
Properties listed for sale in the April 2019 update of St Kilda Road Cityscope include:
- 7 Park Street
A single-storey brick former house with a single-storey brick extension to the rear boundary and 5 Park Street, a paved vacant land used as a 12-space car park, both in South Melbourne, are for sale together as a development site through CBRE Melbourne;
- 420 St Kilda Road, Melbourne
Formerly GE Corporation House, a mirror-clad office building of 12 levels including two levels of basement parking for 131 cars, completed in 1982 on a 2,286 sqm block, for sale through CBRE Melbourne and Wakefield & Cushman; and
- 424 Illoura at 424-426 St Kilda Road, Melbourne
Formerly known as Illoura Plaza, built in 1966 (the northern section) and 1983 (southern section), a 6-storey office building constructed in a U-shape around a glass-roofed atrium, all on a 4,645 sqm block, is for sale through CBRE Melbourne.
Significant leasing opportunities listed in the April 2019 update of St Kilda Road Cityscope include:
- 636 St Kilda Road, Melbourne
A 70m octagonal office building of 19 storeys including two ground-floor showrooms, surrounded by a landscaped garden with car parking at the side and rear of the building and in basement levels for a total of 227 car spaces. The building cladding was renewed and the ground floor refurbished in 1988 and a progressive refurbishment of upper floors completed in 1998 and a $4.5 million refurbishment of the lift lobbies and bathrooms on levels 1-18, a fully refurbished lobby and building services was completed in May 2012 by Built. The property has office space on levels 2, 3, 6, 7 and 10 for lease through Colliers International Melbourne;
- 492 St Kilda Road, Melbourne
A 13-storey office building with ground-floor showrooms and a two-level basement car parking area with 161 spaces, completed in 1971. The forecourt was refurbished in mid-1989. A progressive refurbishment of the building starting in 1997 was completed in 1998 and included a circular addition to the ground floor showroom on the St Kilda Road side. A second stage of refurbishment completed in 2000 included adding two new floors on levels 11 and 12. The addition of the two floors and the ground floor restaurant increased the total floor space by 740 sqm. Asian Pacific Building Corporation was awarded Excellence in Construction for their work on the refurbishment. The building with a net lettable area 8,880 sqm, has office space on ground, levels 1, 2, 6 and 10 available through Lemon Baxter; and
- 5 Queens Road, Melbourne
An 11-storey hexagonal glass and granite office building with basement parking for 323 cars, completed 1989. A ground-floor cafe with an outdoor extension was refitted in 2000 and was upgraded with a new forecourt foyer and facilities in 2016 by Leighton Properties. The building with a net lettable area 17,720 sqm and average floor area of about 1,690 sqm, has office space ranging from 722 to 1,000 sqm available through Thorburn Commercial Property.