Commercial Market Update – Richmond Cityscope

The latest research from Richmond Cityscope shows property sales have decreased in the past three months. Sales recorded in the quarter ending February 2016 totalled $33 million, a decrease from the $52.5 million recorded in the three months to November 2015 and from the $43.7 million recorded to August 2015. This data brings the 12 month total to $194.2 million, an increase from the $135.3 million recorded for the same time last year.

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

Richmond Cityscope Quarterly Sales

 

Recent standout sales in Richmond include:

  • 79 Swan Street, Richmond, a two level brick retail and office building with undercover parking for 15 cars with a total site area of 1,540 sqm, was sold for $16.7 million;
  • 516 Church Street, Cremorne, a two level, concrete slab showroom and office building with undercover parking for 10 cars on a site of 480 sqm, was sold for $4.5 million; and
  • 422 Swan Street, Richmond, a two storey commercial/industrial building with a total site area of 292 sqm, was sold for $4.1 million.

Properties for sale in Richmond in February 2016 include:

  • 414 Bridge Road, Richmond, a single level brick retail building with a net lettable area of 140 sqm on a site of 138 sqm, is for sale by auction on 10 March 2016 through Tesca Carson;
  • 106 Bridge Road, Richmond, a two level brick retail terrace building with a net lettable area of 152 sqm and a site area of 137 sqm, is for sale by auction on 10 March 2016 through Nelson Alexander Smyth; and
  • 381 Bridge Road, Richmond, a two level brick retail Victorian building with a net lettable area of 140 sqm and a site area of 147 sqm, is for sale by auction on 24 February 2016 through Hocking Stuart.

Richmond Cityscope Quarterly Sales Graph

Significant leasing opportunities in Richmond in February 2016:

  • 658 Church Street, Richmond, Building 8, a four and five storey plus basement office building with a glass facade, which has 932–2,870 sqm of office space available through CBRE Melbourne and Colliers International;
  • Abbotsford Office Park at 675 Victoria Street, Abbotsford, an office building of four levels, including offices on the top two levels and parking on the lower ground floor and in the basement, which has 277–1,800 sqm of office space available through JLL Melbourne and JLL Glen Waverley; and
  • 101-103 Palmer Street, Richmond, a two storey brick and concrete commercial building with a net lettable area of 1,831 sqm, available through Gross Waddell.

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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