Big money Melbourne deals push office sales to near 10 year March quarter high: Savills

Big money Melbourne deals push office sales to near 10 year March quarter high: Savills
Big money Melbourne deals push office sales to near 10 year March quarter high: Savills

Office market sales recorded the second highest cumulative total in the last decade in the March quarter, according to Savills Quarter Time National Office Report.

The total sales of over $17.5 billion was only bettered in 2016 when total sales hovered just below $19 billion.

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Big money Melbourne deals push office sales to near 10 year March quarter high: Savills

The majority of sales were conducted by foreign investors. 

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Big money Melbourne deals push office sales to near 10 year March quarter high: Savills

The highest sale came last month when Lendlease sold Two Melbourne Quarter for $550 million.

It toppled the previous high of $400 million which was set late last year when the yet to be completed 405 Bourke Street in Melbourne sold.

NAB secured its anchor tenancy.

Queensland secured the next two most expensive sales, while New South Wales could only muster one sale over $200 million. That was when 1 York Street in the Sydney CBD sold.

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Big money Melbourne deals push office sales to near 10 year March quarter high: Savills

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Savills Office Sales

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