The latest research from Melbourne Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter ending September 2020 totalled $953.4 million from 33 sales, compared to the $836.3 million from 39 sales recorded in the quarter ending June 2020 and the $234.9 million from 54 sales recorded in the three months ending March 2020.
This data brings the 12-month total to $3.107 billion from 177 sales, a decrease from the previous 12-month total of $4.136 billion from 227 sales.
The table below shows sales recorded for the past eight updates of Melbourne Cityscope.
The most notable sales recorded for the September 2020 update of Melbourne Cityscope include:
- 452 Flinders Street (also known as Riverside Plaza), Melbourne, a 19-storey office building, completed March 1994, which was originally commissioned by the State Electricity Commission as its head office. The building built by Grocon, with typical floor plates of 2,700 sqm, has net lettable area of 38,349 sqm including an auditorium on the mezzanine floor, ground floor retail and end of trip facilities plus parking for 294 cars on three basement levels. The property was bought for approximately $450 million through an off-market campaign;
- A 50% interest of 222 Exhibition Street, Melbourne, a 30-level office and retail building completed in 1988, with an auditorium and a 6-level, 479-space car park reached from Lonsdale Street. The property, with a net lettable area 28,025 sqm of office space on levels 7 to 28, 1,885 sqm of showroom space and typical floor plates 1,300 sqm, was last refurbished in 2009 and the lobby and foyer area in 2017, was bought for $205.675 million through an off-market campaign and
- KTS House at 346-350 Queen Street, Melbourne, a 21-storey building consisting of an octagonal office tower above five levels of car parking, and two large ground-floor showrooms, one with a mezzanine floor. Built in 1990, the property has a building area of approximately 22,411 sqm and foyer refurbished in 2001, was bought for $145 million.
Properties for sale in the area covered by Melbourne Cityscope in September 2020 include:
- Bank of China building at 266-270 Queen Street, Melbourne, a three-storey brick building of 767 sqm, two storeys when constructed in 1932 as the Australian headquarters of MGM, but extensively renovated and extended in 1981. The building with 8 car spaces to the rear was refurbished in 1995 and is for sale through CBRE;
- City Limits Hotel at 20-22 Little Bourke Street, Melbourne, built in 1978; a brick and concrete, 9-storey motel building strata subdivided in 1981 into 8 floors of 4 units each plus the ground floor restaurant for sale together with a neighbouring vacant land used as the hotel car parking at 18 Little Bourke Street, Melbourne with a combined site area 481 sqm, through Colliers International and Uptown Partners;
- 139 Collins at 133-139 Collins Street, Melbourne, a 4-storey building with basement parking for 10 cars. The former home of the Alexandra Club (a private club for women) for sixty years; completed in 1886. An extra level was added in 1918. A refurbishment was completed in 1986 with a full-height concrete extension to Beaney Lane. The building, with a net lettable area 1,633 sqm was repainted and refurbished in 2001 and again in 2008, is for sale through Colliers International.
Leasing opportunities in the area covered by Melbourne Cityscope in September 2020 include:
- Casselden Place Commonwealth Office building at 2-30 Lonsdale Street, Melbourne, a 47-level building completed in 1992, which uses concrete-filled steel tube columns as the principal structural element. An upgrade including the replacement of part of the building's facade and an expansion of the lobby along with the provision of a new entry and associated canopy and landing to Spring Street was completed in April 2012 and lifts upgraded in 2013. The building with floor area of 61,524 sqm and three basement parking levels for 192 cars, has office space ranging from 670 to 10,750 sqm on part levels 2, 4 and levels 6, 15, 23, 27 & 28 for lease through CBRE;
- 601 Bourke Street, Melbourne, an 11-storey office block with two ground-floor showrooms and a 26 space basement car park completed in 1975 and refurbished at an estimated cost of $18.6m in 2002, including the upgrade of all building services and lobby finishes. Lower facade was refurbished in 2015. The building, with a net lettable area of 8,082 sqm, has office space ranging from 780 to 3,115 sqm for lease through Fitzroys and
- Northbank Place East Tower at 525 Flinders Street, Melbourne, an 11-level commercial office building of 10,000 sqm with retail and foyer spaces on the ground floor, completed in mid-2009. Developed as part of the Northbank Complex with Northbank Central and Northbank West, which has office space ranging from 629 to 6,500 sqm on part level 3, levels 1, 2, 4, 5 & 6 for lease through Colliers International and Knight Frank.