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 November 2016 totalled $610.6 million, a decrease from the $952.9 million recorded in the three months to August 2016 but a large increase from the $187.9 million recorded to May 2016. This data brings the 12 month total to $2.306 billion, an increase from the $1.261 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:

  • Twenty8 Freshwater Place, at 28 Freshwater Place, Southbank, comprising a 26-level building with retail space on the ground level and 19 levels of office space, has sold for $286 million through Colliers International Melbourne. The sale represented an initial yield of 6.60% on passing income of $18,876,000;
  • A vacant development site, at 7-23 Spencer Street, Docklands, an 8,607 sqm block of vacant land at site preparation stage has been sold for $97 million through CBRE Melbourne and JLL Melbourne.

pulse-sbsaleschart

Properties for sale in Southbank in November 2016 include:

  • Hilton Melbourne South Wharf, at 2 Convention Centre Place, South Wharf, a 5-star hotel comprising ground floor lobby and retail space, a four-level podium and 396 rooms, for sale through JLL Hotels & Hospitality and
  • 202-214 Normanby Road, South Melbourne, a high single-storey brick factory-workshop building being marketed as a development site of 1,518 sqm, for sale through CBRE Melbourne.

Significant leasing opportunities in Southbank in November 2016 include:

  • 210 Kings Way, South Melbourne, a five-storey brick and concrete office building with a 6,135 sqm building area and 56 car parks, has office space ranging from 670 to 1,890 sqm for lease through Lemon Baxter;
  • South Wharf Office Tower at 30 Convention Centre Place, South Wharf, a 12-level office tower with parking for 404 cars, has office space of 491 to 2,665 sqm for lease through Colliers International Melbourne; and
  • 182 Kings Way, South Melbourne, comprising two office buildings, has office space ranging from 1,390 to 1,900 sqm for lease through CBRE 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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