Fewer Chapel Street retail property sales: CoreLogic

The latest research shows that commercial property sales have significantly decreased in the past three months, according to CoreLogic’s Chapel Street Cityscope report.

Sales recorded in the quarter ending November 2016 totalled $3 million from three sales.

This is compared with $211.8 million from 8 sales in the three months to August 2016 and the recorded $131.2 million from 13 sales in the three months to May 2016.

The November 2016 sales totals represent a return to normalcy after The Como Centre and 650 Chapel Street were each bought together for approximately $203 million, boosting the total in the August quarter.

This data brings the 12 month total to $451.8 million from 34 sales, an increase compared with the previous 12 month total of $331.9 million from 38 sales.

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

Click to enlarge

Notable sales recorded in the November 2016 update of Chapel Street Cityscope include:

• 69 Toorak Road, South Yarra, a two-storey retail building on a site area of 151 square metres, sold for $1.535 million;
• Suite 10 and Suite 11 of 210 Toorak Road, South Yarra, two strata offices on level one of a two-storey building including four car spaces on title, sold for a total of $0.75 million.

Click to enlarge

Properties listed as for sale in the November 2016 update of Chapel Street Cityscope include:

• 29 Toorak Road, South Yarra, a two-storey brick building with a shop at street level and offices above on a 187 square metres site, for sale by auction in December 2016 through Fitzroys;
• 49 Toorak Road, South Yarra, a two-storey retail building on a 56 square metres site, for sale through LINQ Property;
• 403 Chapel Street, South Yarra, a two-storey retail building with a later brick addition to the rear on a 185 square metres site, for sale by auction in December 2016 through CBRE – Melbourne.

Leasing opportunities listed in the November 2016 update of Chapel Street Cityscope include:

• The Colonnade at 524 Chapel Street, South Yarra, a three-level retail and office complex with 198 car spaces over two levels , has retail space of 99 square metres and 165 square metres for lease through Fitzroys;
• 352-354 Chapel Street, South Yarra, a single-storey retail building, providing 321 square metres building area, for lease through Fitzroys;
• 2 Darling Street, South Yarra, a four-level office building with a ground floor cafe, has office space of approximately 250 square metres for lease through Healthcare Real Estate and CBRE – Melbourne.