The latest research from Cityscope shows that commercial property sales value in Docklands, Victoria has increased significantly with a total of more than $1.204 billion for the quarter to July 2021, compared to the $56 million for the previous quarter and $6.3 million for the quarter to January 2021. This huge increase is attributable to the sale of the Melbourne Quarter Tower, in what is one of the biggest, if not the actual biggest, commercial property sale of 2021.

The still under construction 34-storey commercial building at 693 Collins Street was bought for $1.2 billion by the National Pension Service of Korea (NPS). With $600 billion in assets, the pension fund is the third largest in the world.

The tower will comprise 55,000 sqm of office space plus 2,500 sqm retail space. It was designed by Woods Bagot with a curvilinear tower form raised above a cantilevered podium. It will be managed by Lendlease Funds Management on the new owner’s behalf upon completion.

This brings the 12-month total for Docklands of over $1.275 billion from 21 sales, an increase from the $290.3 million of 38 sales for the previous year.