Commercial Market Update – Southbank Cityscope

The latest research from Southbank Cityscope shows property sales have decreased in the past three months. Sales recorded in the quarter ending May 2016 totalled $186.5 million, a decrease from the $552.1 million recorded in the three months to February 2016 and the $251.6 million recorded to November 2015. This data brings the 12 month total to $1.137 billion, a decrease from the $1.847 billion recorded the same time last year.

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

Southbank Cityscope Quarterly Sales

Notable sales in the May 2016 update of Southbank Cityscope include:

  • The strata office and retail building at 105-117 Queensbridge Street, Southbank, a 1,000 sqm building on a site of 1,856 sqm, which was bought in one line as a development site for $32.333 million through CBRE Melbourne; the units include:
    • Unit 1 at 105-117 Queensbridge Street, Southbank
    • Unit 3 at 105-117 Queensbridge Street, Southbank
    • Unit 34 – 37 at 105-117 Queensbridge Street, Southbank
    • Unit 39 at 105-117 Queensbridge Street, Southbank
    • Unit 40 – 45 at 105-117 Queensbridge Street, Southbank
    • Unit 47 at 105-117 Queensbridge Street, Southbank and
    • Unit 49 at 105-117 Queensbridge Street, Southbank;
  • 39-49 Bank Street, South Melbourne, the former Southern Cross Broadcasting Building, a three storey concrete block building, made up of an older section which was renovated in 1991, and again refurbished in 1997 when an extension added to the east of the 1,441 sqm site was bought for $13.7 million through CBRE Melbourne.

Southbank Cityscope Quarterly Sales graph

Properties listed as for sale in the May 2016 update of Southbank Cityscope include:

  • 250 Sturt Street, Southbank, a two storey brick and concrete office building on a 832 sqm site, for sale by public expressions of interest closing June 3, 2016 through CBRE Melbourne;
  • 54 Clarke Street, Southbank, a high-clearance single storey brick workshop on a 287 sqm site, for sale through CBRE Melbourne and Knight Frank Melbourne and
  • 209 Kingsway, South Melbourne, a 10 storey office building and car sales premises, built at a cost of $50 million in late 2002, consisting of six levels of office space, car parking for 862 cars over three floors and a ground floor car showroom and basement on a 10,240 sqm site, for sale by international expressions of interest in May 2016 through Colliers International Melbourne.

Leasing opportunities in the May 2016 update of Southbank Cityscope include:

  • 2 Southbank Boulevard, Southbank, the commercial tower of Freshwater Place, 37 storeys completed in June 2005 with net lettable area 55,769 sqm; has office floor area ranging from 276 to 23,000 sqm available for lease through CBRE Melbourne and Colliers International Melbourne and
  • Kings Technology Park, formerly known as Kings Gardens Office Park, built 1986; consisting of five office buildings between four and nine levels high set round a central grassed courtyard, with floor area of the five buildings totals 27,150 sqm; has office space ranging from 200 to 1,300 sqm for lease through Melbourne Commercial.

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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