Commercial Market Update - St Kilda Road Cityscope
The latest research from St Kilda Road Cityscope shows property sales have increased significantly in the past three months. For the three months to October 2017, there were 273 sales at a total value of $616.8 million, a huge increase from 187 sales at a total value of $137.6 million from the previous quarter. This is partly explained by the inclusion of all the off the plan residential unit sales of the Fawkner Residences at 499 St Kilda Road, worth $107 million. This data brings the 12-month total to $1.458 billion from 989 sales, a significant increase from the $517.9 million from 505 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 October 2017 update of St Kilda Road Cityscope include:
- 417 St Kilda Road, Melbourne, formerly the Mobil building, an office building of ten storeys to the front and five to the rear with two large ground floor showrooms and a 472-space basement car parking area, completed in 1991. The building has a gross area of approximately 39,548 sqm and was sold for $144.4 million through Colliers International Melbourne;
- 390 St Kilda Road, Melbourne, a 23-storey office building with two ground floor showrooms to the foyer and parking for 212 cars over five basement levels. The building has a lettable area of 16,307 sqm, and was sold for $97.85 million through Colliers International Melbourne and
- 420 St Kilda Road, Melbourne, formerly GE Corporation House, a mirror-clad office building of 12 levels including two basement parking levels for 135 cars, providing a net lettable area of 10,459 sqm, which was sold for $68.84 million through CBRE Melbourne.
Properties listed for sale in the October 2017 update of St Kilda Road Cityscope include:
- Royce Hotel at 375-385 St Kilda Road, Melbourne, a four-storey, 5-star hotel with 71 rooms and a basement car park; and the adjoining Freeman McMurrick House at 387-389 St Kilda Road, Melbourne, a four-storey office building with a net lettable area of 1,124 sqm, refurbished in 1991, are for sale through McVay Real Estate;
- The Gateway at 312 St Kilda Road, Southbank, an eight-storey concrete building finished in polished reconstructed granite and simulated sandstone, completed in mid-1988, providing a net lettable area of 10,275 sqm and a 273-space basement car parking station, which is available through CBRE Melbourne and
- The car park in St Kilda Road Towers, a total of 544 car parking bays on basement levels 1 to 6 and ground floor, which is available through CBRE Melbourne and Knight Frank Melbourne.
Significant leasing opportunities listed in the October 2017 update of St Kilda Road Cityscope include:
- 600 St Kilda Road, Melbourne, a 15-level office building with a stepped façade dropping to three-storeys on each side, which has office space ranging from 533 to 1,660 sqm available through JLL Melbourne;
- 616 St Kilda Road, Melbourne, an 11-storey office building with lower ground floor parking plus a three-storey car parking station at the rear and outdoor car parking to Queens Lane for a total of 229 car spaces, which has office space ranging from 263 sqm to 1,200 sqm available through Lemon Baxter and
- 417 St Kilda Road, Melbourne, an office building of ten storeys to the front and five to the rear with two ground floor showrooms and a 472-space basement car parking; which has office space of 1,500 sqm available through CBRE Melbourne.
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