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.
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"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.
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