Commercial Market Update – Southbank Cityscope
The latest research from Southbank Cityscope shows property sales value have decreased in the past three months. Sales recorded in the quarter ending May 2017 totalled $605.3 million, a decrease from the $758 million recorded in the three months to February 2017 and also a decrease from the $610.6 million recorded to November 2016.
This data brings the 12 month total to $2.926 billion, an increase from the $1.147 billion recorded the same time last year.
The table below shows sales recorded for the past eight updates of Southbank Cityscope.
Notable sales in the May 2017 update of Southbank Cityscope include:
- The long term leasehold of Hilton Melbourne South Wharf, at 2 Convention Centre Place, South Wharf, a 5-star hotel comprising ground floor lobby and retail space, a four-level podium and 396 rooms over 15 levels, completed in early 2009, which sold for $230 million through JLL – Hotels & Hospitality Group;
- A 49% share in 97A-119 Kavanagh Street, Southbank, 6-10 Power Street, Southbank and Citylink, Southbank, three blocks of vacant land to be the site of the future Melbourne Square development, which sold together for $154 million and
- 202-214 Normanby Road, South Melbourne, currently a high single-storey brick factory-workshop building including office space which was sold as a development site for approximately $13 million through Lemon Baxter and Dawkins Occhiuto.
Properties listed as for sale in May 2017 update of Southbank Cityscope include:
- 25-35 Power Street, Southbank, vacant land of 582 sqm and 38-48 Freshwater Place, Southbank, vacant land of 1,947 sqm for sale together as a development site by expressions of interest in May through CBRE and Knight Frank;
- Regent House, at 63-83 Kings Way, Southbank, a two-storey brick building, built 1890; a two-storey concrete extension and a one and two-storey corrugated iron extension on most of the rest of the site and 127-129 Kavanagh Street, Southbank, vacant land of 1,448 sqm, for sale together by expressions of interest in May through Savills Melbourne.
Leasing opportunities listed in the May 2017 update of Southbank Cityscope include:
- 70 City Road, Southbank, part of the Eureka complex, comprising a ground floor retail area, nine levels of office space and parking for 779 cars, has office space ranging from 169 to 1,187 sqm for lease through Killen Thomas and Colliers International Melbourne;
- 99 Queensbridge Street, Southbank, a five-storey building with three ground-floor showrooms and parking for 70 cars, has office space ranging from 210 to 1,974 sqm for lease through Ryder Commercial and Colliers International Melbourne and
- 34-36 Market Street, South Melbourne, a single level warehouse and an adjacent two-storey brick and corrugated iron building with parking for 10 cars has a building of 472 sqm for lease through Colliers International Melbourne.
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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