Commercial Market Update – Southbank Cityscope

The latest research from Southbank Cityscope shows property sales have increased in the past three months.

Sales recorded in the quarter ending May 2015 totalled $517.3 million, an increase from the $367 million recorded in the three months to February 2015, and a decrease from the $542.9 million recorded to November 2014.

This data brings the 12 month total to $1.8 billion, a large increase from the $683 million recorded the same time last year.

The table below shows sales recorded for the past eight updates of Southbank Cityscope.

Southbank Cityscope Quarterly Sales

 

Recent standout sales in Southbank include:

  • 97A Kavanagh Street, Southbank, 6-10 Power Street, Southbank and Citylink, Southbank, three parcels of vacant land, partly used for parking and with a combined site area of 20,259 sqm was bought for $145 million.
  • 274 City Road Southbank, 272 City Road Southbank and 270 City Road Southbank, a single storey showroom, a 2-storey brick building and a 2-storey former Victorian warehouse was bought for more than $20 million in a sale handled by Conquest Estate Agency.
  • 42-48 Moray Street, Southbank, a two-storey brick building with ground-floor showroom and workshops and first-floor offices, was bought for $13.5 million in a sale handled by CBRE Melbourne.

Properties for sale in Southbank in May 2015 include:

  • 153-159 Sturt Street, South Melbourne, a two-storey retail building constructed in 1952 (total building area 1,825 sqm) with parking for 30 vehicles, is for sale through CBRE and Gross Waddell. The property last traded at $5 million in October 2007.
  • Russell & Russell Building, 11-13 Hancock Street, Southbank, a single-storey brick workshop constructed in 1940 (site area 168 sqm), is for sale through agent Savills. The property last traded at $1.233 million in March 2012.
  • 33 Park Street, South Melbourne, a three-storey brick and concrete office building, constructed in 1971 on a site of 405 sqm, is for sale by auction scheduled for May 21, 2015 through CBRE Melbourne. The property last traded at $705,000 in June 1992.

Significant leasing opportunities in Southbank in May 2015 include:

  • 380 City Road, a 2-storey, 2,287 sqm, industrial building, has 1,400 to 4,043 sqm for lease through Lemon Baxter.
  • The Primrose Potter Australian Ballet Centre, 2-6 Kavanagh Street, Southbank, a six-storey concrete building with three floors of offices above a three-level 436-space car park has 480-1,950 sqm for lease through Gross Waddell.

Southbank Cityscope Quarterly Sales graph

CoreLogic RP Data Commercial


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 RP Data products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.


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About Commercial Research

CoreLogic RP Data Commercial Cityscope is a web-based service. Access is sold by geographic regions (Cityscope areas). There are 25 geographic regions across Australia (three in New Zealand), clustered around the cities of Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and Newcastle. Darwin and Hobart CBD centres aren’t covered. Cityscope Areas in NSW and QLD also include lease expiry data for the most complete commercial coverage available. For more information call 1300 734 318.

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