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 2015 totalled $188.8 million, an increase from the $44.3 million recorded in the three months to July 2015, and an increase from the $164.9 million recorded to April 2015. This data brings the 12 month total to $577.4 million an increase from the $383.9 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:

  • Brandon Office Park at 530-540 Springvale Road Glen Waverley; 5 office buildings in three separate structures with total building area of 16,862 sqm and 600 car spaces; was bought for $80 million.
  • National Archives of Australia at 31 Vision Drive Burwood East; a 2 and 3 storey, 6,389 sqm, office and storage building; purpose-built for the Commonwealth of Australia in 1994 as an archives repository; was bought for $22.75 million in a sale handled by CBRE Canberra and CBRE Mulgrave.
  • 820 Whitehorse Road a 2 storey, 1,835 sqm, office building with parking for 78 cars; was bought for $18.18 million in a sale handled by Savills.

Properties for sale in Eastern Melbourne in October 2015 include:

  • Satellite Corporate Centre at 350 Wellington Road Mulgrave; three office buildings of 4, 4 and 5 storeys with a total building area of 21,433 sqm and parking for 1,366 cars is for sale by expressions of interest closing 19 November 2015 through JLL Melbourne, JLL Glen Waverley and Colliers International Clayton. The property last traded at $8.144 million in January 2001 and was valued at $76.4m in June 2012.
  • 2-6 Glenferrie Road Malvern, a 3 storey, 2,394 sqm, office building with parking for 69 cars is for sale through Rosin Smyth. The building last traded at $4.5 million in November 2007.
  • Lot 17 at 56 Norcal Road Nunawading, a 541 sqm commercial / industrial unit, which is part of Eastern Gateway, an 18-unit complex of warehouse/mezzanine offices. The unit last traded at about $1.0 million in January 2008 and is for sale through CVA Property Consultants.

Eastern Melbourne Cityscope Quarterly Sales graph

Significant leasing opportunities in Eastern Melbourne in October 2015 include:

  • 990 Camberwell Road Box Hill the Australian Taxation Office, a 6 storey, 21,760 sqm, office building with 3 basement levels and 403 car spaces; has office space of 1,000 to 20,000 sqm through Colliers International.
  • Ferntree Business Park at 310-324 Ferntree Gully Road, a complex of five one and two storey office / warehouse / laboratory buildings, and two 4 and 5-storey commercial buildings, has office space of 2,000 to 10,000 sqm in a redevelopment of the property available for pre-lease through Colliers International and Goodmans.
  • Axxess Corporate Park at 170 Forster Road Mount Waverley, a major 85,300 sqm office/industrial park comprising 12 two & three storey buildings containing about 116 two storey office/industrial units and several office buildings.

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 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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