Commercial Market Update – Eastern Melbourne Cityscope

The latest research from Eastern Melbourne Cityscope shows property sales have decreased in the past three months. Sales recorded in the quarter ending July 2015 totalled $44.3 million, a decrease from the $164.9 million recorded in the three months to April 2015, and a decrease from the $179.5 million recorded to January 2015.

This data brings the 12 month total to $507.4 million, an increase from the $299.5 million recorded the same time last year.

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

Eastern Melbourne Cityscope Quarterly Sales

 

Recent standout sales in Eastern Melbourne include:

  • 14-16 Prospect Street Box Hill, a four-storey, 3,221 sqm office building with parking for 108 cars; was bought for $12.5 million.
  • 5 Lakeside Drive Burwood East, one of the buildings in Tally Ho Business Park, a two-storey, 2,450 sqm office building with parking for 116 cars; was bought for $9.17 million
  • 34-36 Prospect Street Box Hill, a two-storey, 1,395 sqm office and retail building with parking for 50 cars; was bought for $7 million in a sale handled by Knight Frank Glen Waverley.

Properties for sale in Eastern Melbourne in July 2015 include:

  • National Archives of Australia at 31 Vision Drive Burwood East, a 2-storey, 6,389 sqm building; purpose-built for the ABC in 1994 as an archives repository, is for sale through CBRE Canberra and CBRE Mulgrave. The building last traded at $10.5 million in December 2008.
  • 1911 Malvern Road, a 3-storey, 2,315 sqm office building with parking for 87 cars, is for sale through Colliers International Clayton and GormanKelly; to be auctioned on the 23rd of July.  The building last traded at $4.35 million in January 1995.
  • Eastern Views Office Park, Building 1 at 303 Burwood Highway Burwood East, a two-storey, 926 sqm commercial building with parking for 29 cars, is for sale through MP Burke Commercial.

Significant leasing opportunities in Eastern Melbourne in July 2015 include:

  • The Australian Taxation Office building at 990 Whitehorse Road Box Hill; a nine-level (including 3 basement levels), 21,760 sqm commercial building with parking for 403 cars; has office space of 1,500 to 20,000 sqm through Colliers International.
  • The Adidas Building at 759-767 Springvale Road Mulgrave; a large high clearance warehouse at the rear with 2 storeys of offices at the front, has warehouse space of 10,611 sqm through Colliers International Melbourne East and CBRE Mulgrave.
  • Ferntree Business Park at 310-324 Ferntree Gully Road Notting Hill, a complex of five self-contained office/warehouse/laboratory buildings, and 2 separate 4 and 5 storey buildings, has an office space of 2,000 to 10,000 sqm through Colliers International and Goodman.

Eastern Melbourne 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.


Subscribe to the free Commercial Pulse eNewsletter
Get the latest commercial news and sales data each week from our CoreLogic RP Data Commercial Pulse! Click here to subscribe.

 

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.

Connect with CoreLogic

Enter your email address to subscribe to our e-newsletter, and have new posts delivered via email. You can also connect with CoreLogic on social media.

No comments yet.

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.