Commercial Market Update – Eastern Melbourne Cityscope
The latest research from Eastern Melbourne Cityscope shows property sales have increased in the past three months. Sales recorded in the quarter ending October 2016 totalled $171.9 million, a slight increase from the $164.6 million recorded in the three months to July 2016, and an increase from the $156.7 million recorded to April 2016. This data brings the 12-month total to $680.8 million, an increase from the $583.9 million recorded over the previous year.
The table below shows sales recorded for the past eight updates of East Melbourne Cityscope.
Notable sales in the October 2016 update of East Melbourne Cityscope include:
- A 50 per cent stake of the Coles Group’s head office at 800 Toorak Road, Hawthorn East, a very prominent concrete and black glass building completed in 1983; widely known as Battlestar Galactica. The eight-level building includes ground and five upper floors plus two basement parking levels for 1,236 car spaces, which was bought for $140.5 million by Charter Hall Group;
- Lot 1 at 3-5 Gilda Court, Mulgrave, on ground and first level, north-eastern side, 45 car spaces on the ground level, unit area 1,650 sqm, which was bought for $3.775 million in a sale handled by Burgess Rawson; and
- 44 Ellingworth Parade, Box Hill, a concrete and brick office building of two levels including parking space on the ground floor for 18 cars and office space of 557 sqm on the first floor, which was bought for $2.7 million in a sale handled by Gorman Commercial.
Properties listed as for sale in the October 2016 update of East Melbourne Cityscope include:
- 9 Prospect Street, Box Hill, a four-level concrete office building designed around a central courtyard, completed in 1986 with a total lettable area of 2,657 sqm. The property was strata subdivided into 3 offices and 36 car parking lots on two basement levels in 1987. For sale by expressions of interest closing November 30, 2016 through Savills;
- 10 Wesley Court, Burwood East, a four-storey office building, completed 2001 and is one of 16 buildings in the Tally Ho Business Park, on a large site to the south-west of the corner of Burwood Highway and Springvale Road. For sale by expressions of interest closing December 2, 2016 through Fitzroys and Colliers International; and
- Monash Gateway Business Park; several buildings – at 495 Blackburn Road and along Ricketts 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 two-storey office building completed in 2002. The whole site is for sale by expressions of interest through CBRE Melbourne.
Leasing opportunities in the October 2016 update of East Melbourne Cityscope include:
- 140 Burwood Highway, Burwood, an office building of four levels, with two storeys to Burwood Highway and down a slope to the rear, a two-level basement with 74 car spaces with a net lettable area of 2,169 sqm, has office space of 200 to 750 sqm for lease through JLL – Glen Waverley;
- Greenwood Business Park, at 301 Burwood Highway, Burwood, three buildings with a total net lettable area of 19,910 sqm, has office space of 800 to 5,000 sqm on level two for lease through Colliers International Melbourne East; and
- 385-395 Ferntree Gully Road, Mount Waverley, consisting of an office building of two storeys plus basement parking completed in 2002 on the western half of the property and a warehouse section to the rear and in the eastern half of the site, at 395 Ferntree Gully Road, a three-storey building of 6,120 sqm with 301 basement and ongrade car spaces completed in late 2006, has office space of 3,109 sqm for lease through Pellicano Group 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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