Commercial Market Update – Southbank Cityscope

The latest research from Southbank Cityscope shows property sales have increased in the past three months. Sales recorded in the quarter ending February 2017 totalled $758 million, a increase from the $610.6 million recorded in the three months to November 2016 but a decrease from the $952.9 million recorded to August 2016. This data brings the 12 month total to $2.509 billion, an increase from the $1.465 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 February 2017 update of Southbank Cityscope include:

  • World Trade Centre, also known as WTC Wharf at 18-38 Siddeley Street, Docklands, which comprise Towers 2, 3 and 4 and are linked by a three-level concourse of shops, showrooms and office suites plus basement parking for 436 cars. It was built in 1983, refurbished 2010, and has sold for $267.5 million through Knight Frank and JLL;
  • Esso House, Riverside Quay site 5 at 51-65 Southbank Promenade, Southbank, a 17-level office building of 20,000 sqm, built in 1995 at a cost of $100m, and featuring a glass-covered rainforest atrium on a 6,603 sqm site, has been sold for $160 million through  JLL Melbourne and
  • A 25% interest in the DFO South Wharf and the DFO Homemaker Hub South Wharf, two four-level buildings, both completed in late 2009 was bought for $141.25 million. The two buildings are interconnected at first floor level and basement level. The Homemaker Hub extends over level 1 of both buildings and the ground floor of the northern building and DFO South Wharf on ground and basement of the southern building plus studio offices on levels 2 to 4.

Properties listed as for sale in February 2017 update of Southbank Cityscope include:

  • 190 City Road, a three-storey glass-fronted office building of concrete construction built in 1987, and refurbished in 1990 and in 2005 with building area of 3,815 sqm on a 1,597 site, for sale by expressions of interest closing March 23, 2017 through CBRE;
  • Shop 9R at 3 Freshwater Place, Southbank, a retail space of 95 sqm on the ground level,for sale by auction on 2nd March 2017 through Fitzroys and
  • 8-16 Palmerston Crescent, South Melbourne, a two-storey rendered concrete-block building built in 1988 on a 908 sqm site, for sale by expressions of interest closing March 8, 2017 through Colliers International.

Leasing opportunities listed in the February 2017 update of Southbank Cityscope include:

  • 99 Queensbridge Street, a five-storey building with three ground-floor showrooms, office floors of about 1,040 sqm, and to City Road a single-storey showroom plus entry to 70 car spaces on ground and roof levels, built in 1991, has office space ranging from 210 to 1,974 sqm for lease through Ryder Commercial and Colliers International Melbourne;
  • 2 Southbank Boulevard, the 37-storey commercial tower of Freshwater Place, completed in June 2005 with net lettable area of 55,769 sqm, has office space ranging from 276 to 23,000 sqm for lease through CBRE Melbourne and Colliers International Melbourne and
  • Lot 1, a three-storey rendered brick office building with undercover parking for 32 cars and Lot 2, a one and two-storey office, showroom and warehouse building, both at 164 to 182 Kings Way, South Melbourne, has office floor areas 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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