Melbourne commercial property sales fell in the last three months: CoreLogic RP Data Cityscope

Melbourne commercial property sales fell in the last three months: CoreLogic RP Data Cityscope
Melbourne commercial property sales fell in the last three months: CoreLogic RP Data Cityscope

The latest research from Melbourne Cityscope shows that commercial property sales have decreased in the past three months. 

Sales recorded in the quarter ending March 2016 totalled $800.9 million, a decrease from the $935.1 million in sales recorded in the three months to December 2015 and significantly lower from the $3.525 billion recorded in the three months to September 2015. 

This data brings the 12-month total to $6.108 billion from 323 sales, an increase compared with the previous 12-month total of $2.757 billion from 351 sales.

The table below shows sales recorded for the past eight updates of Melbourne Cityscope.

Click to enlarge

Melbourne commercial property sales fell in the last three months: CoreLogic RP Data Cityscope

The most notable sales recorded for the March 2016 update of Melbourne Cityscope include:

  • The acquisition of the remaining 43 per cent interest by AMP Capital WOF of Bourke Place consisting of properties at 600 Bourke Street, a 55 level development on a 6,548 sqm site providing 65,427 sqm net lettable area, Bourke Place Studio at 577 Little Bourke Street, a six storey brick office building with a net lettable area of 2,362 sqm, 188-194 King Street, 184 King Street, a four storey office building and a paved vacant land at former Bourke Place for approximately $243 million through a deal brokered by Savills;
  • A 50 per cent acquisition of SX2 Tower also known as Southern Cross West Tower at 111-129 Bourke Street by Southern Cross West Investment TC Pty Ltd for $218 million in a deal brokered by CBRE and Colliers International;
  • One Collins Street, consisting of several linked new and refurbished buildings ranging up to 17 storeys and is connected by a covered overhead walkway with property at 12-20 Flinders Lane, a 10 storey building with car parking on levels 1, 2 and 3 and offices on upper levels, were bought together for $125 million in a deal brokered by Knight Frank.

Properties for sale in the area covered by Melbourne Cityscope in March 2016 include: 

  • 320-326 Queen Street a three storey Victorian rendered brick building occupied and owned by The Celtic Club and property at 316-318 Queen Street, a five-level brick and concrete office building including a basement with a combined site area of 676 sqm, are for sale and or as a redevelopment by international public tender closing May 6, 2016 through CBRE;
  • The Metropolitan on William Hotel at 263-267 William Street, a two storey older brick hotel building is for sale by auction on April 8, 2016 through CBRE and Killen Thomas. This property was last sold for $565,000 in 1993;
  • 185-187 Lonsdale Street, a three storey brick building is for sale with an asking price of $9.9 million through Savills and Burgess Rawson; and
  • 51 Queen Street, an office building of 11 storeys plus mezzanine and basement, for sale through expressions of interest closing April 7, 2016 through Colliers International. This property was last sold for $16.388 million in 2012.

Click to enlarge

Melbourne commercial property sales fell in the last three months: CoreLogic RP Data Cityscope

Leasing opportunities in the area covered by Melbourne Cityscope in March 2016 include: 

  • 485 La Trobe Street, two office towers linked by a six storey glass atrium and lobby with a total net lettable area of 33,639 sqm has office space ranging from 1,334 sqm to 7,317 sqm for lease through Savills and JLL Melbourne;
  • Melbourne Chambers, an 11 storey office building at 235 Queen Street with a net lettable office area of 3,533 sqm, has naming rights and areas ranging from 300 sqm to 3,621 sqm for lease through Colliers International and MP Burke Commercial;
  • Collins Place consisting of Collins Tower of 51 storeys at 35 Collins Street and the ANZ Tower at 55 Collins Street of 47 storeys has office floor area ranging from 1,689 sqm to 3,393 sqm for lease through Colliers International; and
  • KTS at 350 Queen Street, a 21 storey building consisting of an octagonal office tower above five levels of car parking with a net lettable area of 22,411 sqm, has office space ranging from 300 sqm to 9,000 sqm for lease through CBRE and Savills.
Tags: 
Melbourne Commercial Investment

Comments

Be the first one to comment on this article
What would you like to say about this project?