The latest research from St Kilda Road Cityscope shows property sales value has decreased in the past three months.
For the three months to October 2019, there were 142 sales at a total value of $205.8 million, a decrease from the 257 sales at a total value of $277 million from the previous quarter. This data brings the 12-month total to approximately $970.8 million from 751 sales, a decrease from the $1.388 billion from 1,363 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 2019 update of St Kilda Road Cityscope include:
- 424 Illoura at 424-426 St Kilda Road, Melbourne
A 6-storey office building of 20,964 sqm constructed in a U-shape around a glass-roofed atrium with each office suite facing onto the atrium, which also features three fountains and a 137-space basement car parking area, was sold for about $70 million through CBRE Melbourne;
- 28-32 Albert Road, South Melbourne
A five-storey concrete office building, completed in 1986 with lower-ground level parking for about 21 cars and a net lettable area of 3,700 sqm, which was sold for $18.8 million through Colliers International Melbourne and
- 49-51 Stead Street, South Melbourne
A 4-storey office building, completed in 1985 with eight undercover car parking spaces and a net lettable area of 1,080 sqm, which was sold for $10.2 million through Gross Waddell. The sale represented an initial yield of 5.25% on a passing income of $535,575 (net).
Properties listed for sale in the October 2019 update of St Kilda Road Cityscope include:
- 1 Bowen Crescent, Melbourne
An office building of eight levels constructed on the site of the former St Kilda Road Police Station with two levels of basement parking, 5 floors of offices and a top-floor recreation level, for sale by expressions of interest closing October 10, 2019 through CBRE - Melbourne;
- Olympic House, 67-69 Palmerston Crescent, South Melbourne
Comprising Unit 1, a commercial unit of 158 sqm on the ground floor; Unit 2, a commercial unit of 139 sqm on the ground floor; Unit 3, a commercial unit of 136 sqm on the first floor and Unit 4, a commercial unit of 158 sqm on the first floor for sale together through Savills Melbourne.
Significant leasing opportunities listed in the October 2019 update of St Kilda Road Cityscope include:
- The Royal Domain Centre at 380 St Kilda Road, South Melbourne
A reinforced and precast concrete 15-level building constructed in two sections with a circular glassed entry at St Kilda Road; completed in 1990 with a building area of 24,554sqm, has office space of 2,629 sqm on level 5 for lease in through Thorburn Commercial Property and Cushman & Wakefield;
- Spotless Headquarters, 549 St Kilda Road Melbourne
A 7-storey building consisting of ground-level showrooms and six office floors above a 209-space, two-level basement car parking area, has office space of 1,571 on level 6 sqm available through CBRE Melbourne and
- 616 St Kilda Road, Melbourne
An 11-storey office building with lower ground-floor parking plus a 3-storey car parking station at the rear of the site on Queens Lane and outdoor car parking also to Queens Lane, for a total of parking for 229 cars, has office space ranging from 211 to 1,200 sqm on ground and levels 1, 6 and 9 available through Lemon Baxter and Cushman & Wakefield.