Commercial Pulse Update - Eastern Melbourne Cityscope April 2022

Sales recorded in the quarter ending April 2022 totalled $42.7 million from 23 sales (this does not include the $212 million paid for 205 – 211 Forster Road, Mount Waverley as that sale included 3 other properties not included in Eastern Melbourne Cityscope) compared to the $151 million from 30 sales in the quarter ending January 2022 and from the $79.2 million from 30 sales in the quarter ending October 2021.

This data brings the 12-month total to $573.2 million, an increase from the $315.4 million recorded over the same period of the previous year.

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

Notable sales in the April 2022 update of Eastern Melbourne Cityscope include:

• 205 – 211 Forster Road, Mount Waverley, a 5-storey office building on a 76,493 sqm block at corner of Forster Road and Ferntree Gully Road with car parking in the basement and at ground level; built 2013 and a net lettable area 3,317 sqm, which was bought with 3 other parcels of land (not covered by Eastern Melbourne Cityscope) for a total sum of $212 million;
• 16 Lakeside Drive, Burwood East, an office building of two levels plus lower ground and external parking for 110 cars and net lettable area 2,313 sqm, completed January 2000. This property is on a 4,873 sqm block, and is one of 16 buildings in the Tally Ho Business Park on a large site to the south-west of the corner of Burwood Highway and Springvale Road, which was bought for $13 million and
• 4 Watts Street, Box Hill, a 2-storey brick office building divided into three self-contained areas - two on the ground floor and one on the first. Built circa 1968.  The property, with a total building area of 556 sqm and parking for 14 cars on paved land at the front and rear on a 716 sqm block, was bought as a development site for $4.032 million.

Properties listed as for sale in the April 2022 update of Eastern Melbourne Cityscope include:

• 1 Clarendon Street, East Melbourne, a modern two-storey office building built in the 1980s and connected by a 2-storey glass arcade to two older, renovated two-storey buildings, one with a small tower built in federation style in 1908. There are 20 car spaces on paved land round the buildings with a lettable area of 1,399 sqm on a 2,024 sqm corner site, all of which are for sale through Colliers International - Melbourne;
• 24-26A Claremont Street, South Yarra, a two-level office building, erected 1979 with parking on the ground level for around 6 cars and with a building area of 1,375 sqm, which is for sale through Teska Carson - Richmond and
• Office suite 5 of 106 sqm on first floor east side rear and suite 6 of 119 sqm on first floor east side front, both with five car spaces on title at 975 Whitehorse Road, Box Hill, a two-level concrete and brick office building plus basement parking, are available together or separately through Medlin Docking Commercial Real Estate - Vermont.

Leasing opportunities in the April 2022 update of Eastern Melbourne Cityscope include:

• 12 Lakeside Drive, Burwood East, a concrete office building of 3 levels with external parking for 350 cars completed 1996. With a building area of 4,509 sqm is one of 16 buildings in the Tally Ho Business Park, on a large site to the south-west of the corner of Burwood Highway and Springvale Road, which has office space ranging from 500 to 4,504 sqm available through Colliers International – Melbourne East;
• Wellington 2eleven Business Park at 211 Wellington Road, Mulgrave, a complex of four buildings comprising Building B, a 7-storey office building of 12,718 sqm and connected to a multi-deck car park for 650 cars, Building C, a 5-storey office building with 10,159 sqm net lettable area and 145 sqm of retail space on the ground floor and Building A, a 3-storey building consisting of office floor area of 3,880 sqm and industrial floor area of 2,830 sqm, which has office space ranging from 646 to 4,830 sqm available through CBRE – Melbourne and JLL - Melbourne and
• Gipps Cromwell Quarter at 71 Gipps Street, Collingwood, an 11-storey office building of 9,000 sqm with ground level food and drink premises, end of trip facilities, basement level car parking with car stackers for up to 87 vehicles, completed October 2021, which has office space ranging from 174 to 3,138 sqm available through Lemon Baxter South Melbourne and Colliers International Melbourne.

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