The latest research from Chapel Street Cityscope shows that commercial property has increased both in total sales and value for the past three months.
Sales recorded in the quarter to May 2021 totalled $55.6 million from 12 sales, compared to the $31.7 million from 11 sales in the quarter to February 2021 and the $2.3 million from 2 sales in the three months to November 2020.
This data brings the 12-month total to $94.6 million from 29 sales, an increase from the previous twelve month total of $32.6 million from 13 sales.
The table below shows sales recorded for the past eight updates of Chapel Street Cityscope:
Notable sales recorded in the May 2021 update of Chapel Street Cityscope include:
- South Yarra Square at 177 Toorak Road, South Yarra, a strata five-level retail and office complex which comprises Unit 1, a 55 sqm retail shop on ground floor with one car space; Unit 2, a 129 sqm retail shop on ground floor; Unit 3, a retail shop on ground floor and mezzanine level with 2 car spaces; Unit 4, a retail shop on ground floor with one car space; Unit 5A a retail shop on ground floor; Unit 5B, a retail shop on ground floor; Unit 6, a retail shop on ground floor; Unit 7, a retail shop on ground floor with one car space; Unit 8, an office suite on ground floor and the whole upper floor; Unit 9, an office suite on ground floor of the rear office section; Unit 10, an office suite on level one of the rear office section with 5 car space; Unit 11, an office suite on level 2 of the rear office section with 3 car spaces and Unit 12, an office suite on level 3 of the rear office section with 3 car spaces. The building, which has a total net lettable area of 1,691 sqm on a site of 1,859 sqm, was sold for about $35 million through Emmetts Real Estate;
- Lot 1 in the three and six-storey building at 96-106 Greville Street, Prahran, built in 2015, and where the heritage listed Station Hotel was retained and incorporated, a retail unit on Greville Street plus a car space on basement level 1 and Lot 6 in the same building, a retail unit on corner of Greville and Porter Streets plus a car space on basement level 1, were sold together for $3.5 million through Melbourne Acquisition and
- 54-54A Toorak Road, South Yarra, a two-storey brick building with a shop at street level and offices above, and parking for 4 cars to the rear on a block of 267 sqm, which was bought for $3.4 million.
Properties listed as for sale in the May 2021 update of Chapel Street Cityscope include:
- 257 Chapel Street, Prahran, a two-storey brick building with ground level shops and offices above, with ground floor refurbished in 2006 and a building area of 632 sqm on a site of 495 sqm, which is for sale through Gross Waddell;
- 169-175 Toorak Road, South Yarra, a two-storey brick building with four shops at street level and a small one-storey section to Yarra Street, a building area of 657 sqm on a block of 613 sqm, which is for sale through Emmetts Real Estate – Melbourne and
- 329-333 Toorak Road, South Yarra, a two-storey brick building with three shops at street level and an older style single-storey brick workshop to the north of the property, on a site of 412 sqm, which is for sale through Gorman Commercial – Hawthorn East.
Leasing opportunities listed in the May 2021 update of Chapel Street Cityscope include:
- 199 Toorak Road, South Yarra, a retail and office building of six levels, including three levels of offices, retail on ground floor and two levels of basement parking for 104 cars, with a total building area of 4,038 sqm, which has office space ranging from 400 to 892 sqm of whole level one for lease through Gorman Commercial – Hawthorn East;
- 627 Chapel Street, South Yarra, a development under construction, to be a 24-office tower which will comprise 24,000 sqm office area and also include restaurants, cafes, multiple green spaces, end-of-trip facilities, a concierge and a business lounge, which is expected to completed by November 2021 and which has office space ranging from 1,100 to 24,000 sqm in the future building for pre-lease through Colliers International – Melbourne and Cushman & Wakefield – Melbourne and
- The Como Centre at 259-303 Toorak Road and 620-648 Chapel Street, South Yarra, includes about 25,486 sqm office space in four sections, 6,666 sqm retail area, a 111-room hotel and a commercial car park for 629 cars, which has office space ranging from 300 sqm to 766 sqm in the Como Tower at 644 Chapel Street, a 19-storey office building, and office space ranging from 95 to 683 sqm in the building at 299 Toorak Road for lease through Colliers International – Melbourne East.
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