Melbourne commercial sales value down

By |

Melbourne's commercial property market recorded a significant decline in quarterly sales value despite the higher activity, according to CoreLogic.

The sales value recorded over the past three months to September totalled $958m from 70 sales, down from $1.938bn from 49 purchases registered during the June quarter.

Also read: Property Expo To Showcase Commercial Benefits

"Commercial property sales value has decreased significantly in the past three months, due to the sale of 80 Collins Street that was recorded in the June update," CoreLogic said.

On an annual basis, however, the total sales value improved, hitting $4.13bn for 225 transactions. This is higher than the previous yearly sales value of $2.37bn from  a total of 260 deals.

Here are some of the most notable sales recorded in the September quarter:

  • Telstra Centre, 242 Exhibition Street, Melbourne

The property is a 47-level office tower with typical floor-plate of 1,470 square metres. The building includes a theatrette, library, conference centre, recreation centre and a basement car park. It was sold for $830m through Cushman & Wakefield. The sale represented an initial yield of about 4.60% on passing income of $38.18m.

  • Vacant land at 21-23 Wills Street, Melbourne

With a site area of 705 square metres, this was sold for $30.7m through Knight Frank.

  • Flagstaff City Inn at 45-57 Dudley Street, Melbourne

This property is a two-storey brick-and-concrete motor inn and restaurant with a ground floor parking for 13 cars.  It has an area of 1,289 square metres and is operated as part of the Best Western group. This was sold for $18m through Savills Melbourne.

Your Investment Property is proud to be media partner of The Property Buyer and Investor Expo. The Property Buyer and Investor Expo will take place on Oct. 26 to 27 at Sydney Showground, Hall 5.

To purchase tickets (or get your free ticket by using the code YOURPROPERTY) and to access the full range of exhibitors and speakers, visit https://www.propertybuyerexpo.com.au/

Top Suburbs : mt lawley , trott park , coburg north , revesby hts , nightcliff

SHARE

Get help with your investment property



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here