Commercial Market Update – Richmond Cityscope
The latest research from Richmond Cityscope shows property sales have increased in the past three months. Sales recorded in the quarter ending February 2017 totalled $109.5 million, an increase both from the $57.2 million recorded in the three months to November 2016 and the $96.5 million recorded to August 2016. This data brings the 12-month total to $310.8 million, an increase from the $202.6 million recorded for the same time last year.
The table below shows sales recorded for the past eight updates of Richmond Cityscope:
Notable sales in the February 2017 update of Richmond Cityscope include:
- 506 Church Street, Cremorne, a single-level building with showroom with access to Hutchings Street, and 508 Church Street, Cremorne, a single-level brick warehouse with on-site parking for around 24, with a combined site area of 3,035 sqm, were sold for $24.7 million;
- 620 Church Street, Richmond, a building of three storeys with a ground-floor showroom, plus a three-level basement car park on a 1,506 sqm site, was sold for $23.3 million and
- Abbotsford Office Park, at 675 Victoria Street, Abbotsford, an office building of four levels, including offices on the top two levels, and parking on the lower ground floor and in the basement, completed in 1987 on a 3,459 sqm site, was sold for $20.4 million.
Properties listed as for sale in the February 2017 of Richmond Cityscope include:
- 19 David Street, Richmond, a single-storey industrial building situated on a 433 sqm block, is for sale by auction on 9th March through Morley Commercial;
- 98 Balmain Street, Cremorne, a single-storey brick commercial/industrial building on a 260 sqm block, is for sale by auction on 1st March 2017 through Teska Carson and
- 39 Blazey Street and 41 Blazey Street, two single-storey high-clearance industrial buildings in Richmond on a combined site area of 833 sqm, is for sale through TeskaCarson.
Significant leasing opportunities in Richmond in February 2017:
- Pelaco at 21-31 Goodwood Street, Richmond, an office complex comprising Building 1, a four and five-storey older style building to the rear with ongrade parking and Building 2, a 3-storey building with basement parking, completed in 2008, which has 400 – 1,350 sqm of office space for lease through JLL-Glen Waverley and Tyas & Associates;
- 658 Church Street, consisting of Building 1; two storeys with a large showroom to Church Street, and car parking for about 90 cars and net lettable area 4,586 sqm, which has 932 – 2,870 sqm for lease through Colliers International-Melbourne East and CBRE Melbourne and
- Yarra Bank Offices, at 678 Victoria Street, Richmond, stage one of the Victoria Gardens development on the former Vickers Ruwolt site. This building is four storeys plus five levels of basement parking for 480 cars, completed 2000 and has floor area ranging from 250 to 2,500 sqm for lease through JLL – Glen Waverley.
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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