Melbourne commercial sales record decline following sale of 80 Collins Street: Cityscope
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Oct 29, 2019
Melbourne commercial sales record decline following sale of 80 Collins Street: Cityscope
The latest research from Melbourne Cityscope shows that commercial property sales value has decreased significantly in the past three months, due to the sale of 80 Collins Street in the June quarter.
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Savills45-57 Dudley Street
The quarterly value of Melbourne commercial property sales dropped nearly $1 billion in the three months to September, new data from Cityscope has revealed.
Sales recorded in the quarter ending September 2019 totalled $958 million from 70 sales, compared to the $1.938 billion from 49 sales recorded in the three months ending June 2019 and the $614.3 million recorded in the three months ending March 2019.
It comes after Dexus acquired the 80 Collins Street precinct $1.476 billion in the June quarter.
The data brings the 12-month total to close to $4.133 billion from 225 sales, an increase from the previous 12-month total of $2.366 billion from 260 sales.
80 Collins Street was sold for $1.476 billion in a deal handled by JLL Sydney and Savills Melbourne. Source: Depositphotos
The most notable sales recorded for the September 2019 update of Melbourne Cityscope include:
Telstra Centre, 242 Exhibition Street, Melbourne
A 47-level office tower with typical floor plate of 1,470 sqm in the centre of the site, dropping to 3 storeys on the street frontages where there are several showrooms and a lower ground food court to Little Lonsdale Street. The building includes a theatrette, library, conference centre, recreation centre and a basement car park entered from Little Lonsdale Street and was sold for $830 million through Cushman & Wakefield. The sale represented an initial yield of about 4.60 per cent on passing income of $38,180,000.
Vacant land at 21-23 Wills Street, Melbourne
With a site area of 705 sqm, which was sold for $30.7 million through Knight Frank.
Flagstaff City Inn at 45-57 Dudley Street, Melbourne
A 2-storey brick and concrete motor inn and restaurant with ground floor car parking for 13 cars on a site of 1,289 sqm and operated as part of the Best Western group, which sold for $18 million through Savills Melbourne.
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