Commercial Market Update – Eastern Melbourne Cityscope
The latest research from Eastern Melbourne Cityscope shows property sales have decreased in the past three months. Sales recorded in the quarter ending January 2017 totalled $111.6 million, a decrease from the $170.5 million recorded in the three months to October 2016, and a decrease from the $164.1 million recorded to July 2016.
This data brings the 12-month total to $602.9 million, also a decrease from the $720.6 million recorded over the previous year.
The table below shows sales recorded for the past eight updates of Eastern Melbourne Cityscope:
Notable sales in the January 2017 update of Eastern Melbourne Cityscope include:
- 16-18 Cato Street, Hawthorn East, a four-storey office building, completed in late 2004 with a net lettable area of 5,000 sqm, which was bought for $24.7 million through Colliers International;
- 10 Wesley Court, Burwood East, one of the 16 buildings in the Tally Ho Business Park with a net lettable area of 5,293 sqm over four-storys, which was bought for $19.55 million through Fitzroys and
- Bayer Building at 391-393 Tooronga Road, Hawthorn East, a three-level office building including a 48-space lower ground floor car park, which was bought for $13.5 million through Gross Waddell and Sutherland Farrelly.
Properties listed as for sale in the January 2017 update of Eastern Melbourne Cityscope include:
- 8 Business Park Drive, Notting Hill, a two-story building in Monash Business Park with parking spaces for 24 cars on adjacent paved areas is for sale with an asking price of $1.34 million in January 2017 through Lawson Real Estate and
- Monash Gateway Business Park; several buildings – at 495-501 Blackburn Road, a two-storey office building with a section of office-warehouse space and a two-level parking station at the western end. At 501 Blackburn Road, towards the south-eastern corner of the property, a four-storey office building with two levels of basement parking completed mid-2002 and on the south-western section known as 497 Blackburn Road, a 2-storey office building completed in 2002. The whole site is for sale with an asking price of about $82 million through CBRE Melbourne.
Leasing opportunities in the January 2017 update of Eastern Melbourne Cityscope include:
- Axxess Corporate Park, at 170 Forster Road, Mount Waverley, an office/industrial park with parking for 1,240 cars has office and warehouse space of up to 8,000 sqm for lease through Colliers International – Melbourne East and Dexus Property Group;
- Jellis Craig Building, at 818 Glenferrie Road, Hawthorn, a three-storey office building with basement parking for 49 cars and a roof top terrace, has office space of 996 to 2,037 sqm for lease through Gorman Commercial and
- 347-353 Burwood Highway, Burwood East, consisting of two buildings – the Agilent Technologies building, a 2-storey building and the Hewlett Packard building, a 3-storey buidling with parking for 310 cars, has office space of 1,000 to 2,000 sqm for lease CBRE (Mulgrave) and Colliers International Melbourne East.
Commercial Research
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.
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