By Commercial Research

Eastern Melbourne Cityscope Quarterly Sales

The latest research from Eastern Melbourne Cityscope shows property sales have decreased in the past three months. Sales recorded in the quarter ending January 2016 totalled $187.2 million, a decrease from the $188.8 million recorded in the three months to October 2015, but an increase from the $44.3 million recorded to July 2015.

This data brings the 12-month total to $585.2 million, an increase from the $505.5 million recorded over the previous year.

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

Recent standout sales in Eastern Melbourne include:

  • 590-606 Orrong Road, Armadale, an office building of four and five levels with parking for 270 cars, which was bought for $58.29 million
  • 6 Nexus Court, Mulgrave, a six level office building, part of Nexus Corporate Park, which was bought for $26.3 million in a related party transaction, and
  • 31 Vision Drive, Burwood East, a two and three storey, 6,389 sqm office and storage building, purpose-built for the Commonwealth of Australia in 1994 as an archives repository, which was bought for $24.25 million in a sale handled by CBRE Canberra and CBRE Mulgrave.

Properties for sale in Eastern Melbourne in January 2016 include:

  • Satellite Corporate Centre at 350 Wellington Road, Mulgrave; three office buildings of four and five storeys with a total building area of 21,433 sqm and parking for 1,361 cars, available through JLL Melbourne, JLL Glen Waverley and Colliers International Clayton. The property last traded at $8.144 million in January 2001 and was valued at $76.4m in June 2012. A buyer has been reported to be in due diligence regarding this property
  • 2-6 Glenferrie Road, Malvern, a three storey, 2,394-sqm office building with parking for 69 cars, through Rosin Smyth. The building last traded at $4.5 million in November 2007; and
  • Unit 1 at Monash Corporate Centre at 10 Duerdin Street, Clayton, a two-storey, 952-sqm office/warehouse unit with parking for 20 cars, available through Sutherland Farrelly. The building last traded at about $2.727 million in October 2007.

The table below shows sales recorded for the past eight updates of Eastern Melbourne Cityscope. graph

Significant leasing opportunities in Eastern Melbourne in January 2016 include:

  • Australian Taxation Office at 990 Camberwell Road, Box Hill, a nine level, 21,760 sqm office building with parking for 403 cars, which has office space of 800 to 16,000 sqm through Colliers International
  • Adidas Building at 759-767 Springvale Road, Mulgrave, a two-storey office building with a large high clearance warehouse at the rear, and parking for 130 cars, which has office and warehouse space of 10,661 sqm through CBRE Mulgrave and Colliers International, and
  • Ferntree Business Park at 310 Ferntree Gully Road, Notting Hill, a complex of six self-contained office/warehouse/laboratory buildings, and four separate two, four and five storey buildings, which has office space of 2,000 to 10,000 sqm in the redevelopment of the property, available for pre-lease through Colliers International and Goodman.

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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Source: RPD

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