Commercial Market Update – Southbank Cityscope

The latest research from Southbank Cityscope shows property sales have significantly increased in the past three months. Sales recorded in the quarter ending August 2016 totalled $952.6 million, an increase from the $187.9 million recorded in the three months to May 2016 and the $552.1 million recorded to February 2016. This data brings the 12 month total to $1.944 billion, an increase from the $1.554 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

Recent standout sales in the Southbank area include:

  • Southgate complex at 28-60 City Road, Southbank, comprising the HWT Tower, a 24-storey office building providing 30,248 sqm net lettable area; the IBM Centre, a 29-storey commercial tower providing 33,720 net lettable area; Southgate Arts and Leisure Centre, a three-level, 8,548 sqm retail building and the three-level, underground Southgate Car Park which has 1,018 spaces, sold for a total of $578 million in two equal separate transactions of $289 million each;
  • 209 Kings Way, South Melbourne, a 10-storey building with three levels of car parking, six levels of office space and a ground floor car showroom and basement, providing a net lettable aera of 24,635 sqm, sold for $166 million; and
  • Shops 21R and Shop 22R at 3 Freshwater Place, Southbank, two retails shops on mezzanine floor in a retail arcade below the Freshwater Place Residential Tower, sold together for $2.7 million.

Southbank Cityscope Quarterly Sales

Properties for sale in Southbank in August 2016 include:

  • Unit 201 at 18 Kavanagh Street, Southbank, an office suite including 2 car spaces located on level 2 at the K18, a five-storey building comprising a mixture of commercial, retail and residential units, for sale through CVA Property Consultants;
  • Esso House at 51-65 Southbank Promenade, Southbank, a 17-level office building of 20,000 sqm including three levels of underground parking, for sale through JLL – Melbourne; and
  • 18-24 Moray Street, Southbank, a one and two-storey brick office-warehouse, with a total net lettable area of 668 sqm comprising 336 sqm warehouse space and 332 sqm office space, for sale through Savills – Melbourne.

Significant leasing opportunities in Southbank in August 2016 include:

  • 2 Southbank Boulevard, Southbank, a 37-storey commercial tower with 54,922 sqm building area and 544 car parking, has office space ranging from 276 sqm to 23,000 sqm for lease through CBRE Melbourne and Colliers International Melbourne;
  • Riverside Quay Building 1 at 1 Southbank Boulevard, Docklands, a 10-level A grade building with basement car parking for 147 cars, has 1,000 sqm office space on level seven for lease through CBRE Melbourne and Thorburn Commercial Property; and
  • South Wharf Office Tower at 30 Convention Centre Place, South Wharf, an A-grade 12-level office tower clad in black glass with 20,736 sqm net lettable area and basement parking for 404 cars, has office space ranging from 491 sqm to 2,665 sqm for lease through Colliers International Melbourne.

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 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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