Chapel Street commercial property sales increase: Cityscope

Chapel Street commercial property sales increased in the last three months of 2017, according to CoreLogic's Cityscope.

The property data firm says that sales recorded in the quarter ending February 2017 totalled $26.6 million from nine sales, compared with $3 million from three sales in the three months to November 2016.

However this is less than the recorded $211.8 million from eight sales in the three months to August 2016, though this August figure was the result of the sale of The Como Centre and 650 Chapel Street, which were bought together for $202.7 million.

This data brings the 12 month total to $372.6 million from 33 sales, a decrease from the previous 12 month total of $417.5 million from 44 sales.

The table below shows sales recorded for the past eight updates of Chapel Street Cityscope:

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Notable sales recorded in the February 2017 update of Chapel Street Cityscope include:

• Unit 5 at 529 Chapel Street, South Yarra, an office/penthouse on the whole of the first level, which sold for $6.85 million through Colliers International and
• 403 Chapel Street, South Yarra, a two-storey retail building with a later brick addition to the rear on a site area of 185 square metres, which sold for a total of $5 million through CBRE – Melbourne.

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Properties listed as for sale in the February 2017 update of Chapel Street Cityscope include:

• Shop 2 and shop 3, at 529 Chapel Street, South Yarra, two ground floor retail units tenanted by General Pants, to be auctioned March 9, 2017 through Vinci Carbone and
• 49 Toorak Road, South Yarra (pictured above), a two-storey retail building on a 56 square metre site, for sale through LINQ Property;

Leasing opportunities listed in the February 2017 update of Chapel Street Cityscope include:

• 409 Chapel Street, a two-storey retail building with a yard to the rear, built in 1910, has the whole of level one for lease through TeskaCarson;
• 262-264 Chapel Street, Prahran, a three-storey brick retail building to Chapel Street with a single-storey warehouse building to the rear has retail space of 500 square metres for lease through CRS Property and
• 219 Commercial Road, South Yarra, a single-storey brick retail building of 455 square metres for lease through CVA Property Consultants.