Commercial Market Update – St Kilda Road Cityscope
The latest research from St Kilda Road Cityscope shows property sales value has decreased in the past three months. Sales recorded in the quarter ending April 2017 totalled $294.1 million from 367 sales, a decrease from the 162 sales totalling $409.5 million recorded to January 2017. This data brings the 12-month total to $879.5 million from 747 sales, a slight increase from the $808.1 million from 709 sales recorded over the previous year.
The table below shows sales recorded for the past eight updates of St Kilda Road Cityscope.
Recent standout sales in St Kilda Road include:
- NLC Building at 102 Albert Road, South Melbourne, a six-storey office building with parking space for 106 cars on a site of 1,850 sqm, which was bought for $24.4 million;
- 9-11 Palmerston Crescent, South Melbourne, a two-storey concreate office building with five car parking spaces to the rear on a site of 488 sqm, which was bought for $5.5 million;
- Unit 3401 of Royal Domain Tower, at 368 St Kilda Road, Melbourne, a three bedroom easterly apartment located on level 34 of a 42-storey residential building completed in 2006, including two car parking spaces which were bought for approximately $3.36 million.
Properties for sale in St Kilda Road in April 2017 include:
- Units 706, 708, 709 and 710 of The Jewel, at 566 St Kilda Road, Melbourne, four commercial suites located on level seven of an eight-storey office building with two levels of underground parking, through Prime Property Partners Australia;
- Unit 403 at 434 St Kilda Road, Melbourne, a 63 sqm commercial suite located on level four of a seven-storey office building with basement and ground floor parking for 75 cars constructed in 1971, through CVA Property Consultants.
Significant leasing opportunities in St Kilda Road in April 2017 include:
- Tabcorp Building at 4-6 Bowen Crescent, Melbourne, a 14-storey office building with 5-level car parking area providing a total of 200 spaces, which has office space ranging from 1,000 to 8,225 sqm available through JLL Melbourne;
- Ansvar House at 432 St Kilda Road, Melbourne, a 13-storey office building with a 2-level, 124-space basement parking, which has office space ranging from 265 to 1,474 sqm available through JLL Melbourne; and
- VACC House at 464-466 St Kilda Road, Melbourne, a three and eight-storey office building designed in a stepped form with car parking for about 180 cars, which has office space ranging from 340 to 2,726 sqm available through Cushman & Wakefield.
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.
Subscribe to the free Commercial Pulse eNewsletter
Get the latest commercial news and sales data each week from our CoreLogic Commercial Pulse! Click here to subscribe
