Archives: Melbourne City Sales And Development Sites

The CBRE Melbourne City Sales & Development Sites team has established itself as a market leader in the implementation of strategic sales & marketing campaigns for properties within Melbourne’s CBD and Fringe markets.

With a keen eye for detail and a culture of possibility, our team has built up a strong and loyal following from the industry. We continue to think outside the traditional square associated with the commercial property industry, which has attracted buyer and vendor interest from many corners of the globe over the past decade.

We have a strong track record and expertise across various asset types within Melbourne’s CBD and City Fringe market, transacting properties ranging in price from $1,000,000 – $150,000,000.


Docklands space changes hand for $4.1m

Two-levels of strata office/retail space at Docklands’ Waterfront City have sold for $4.1 million.

Located at 116 Newquay Promenade, Docklands, the 937sqm property features floor to ceiling windows and was sold with vacant possession after an exhaustive Expressions of Interest campaign that saw the property receive over 25 inspections and enquiry from both local and international purchasers.

Featuring floor to ceiling windows, the 937.8 square metre property represented the largest strata transaction to occur in the Docklands precinct in 2018.

CBRE’s Ashley McIntyre and Leon Ma, together with Paul Sutherland and Paul Farrelly of Sutherland Farrelly, sold the property on behalf of the private vendor to a domestic investor.


Local investor gets away with Great Bookie Robbery site

The ground floor and mezzanine of Melbourne’s 131 Queen Street has sold to a local investor for $7.25 million.

The site gained notoriety in 1976 as the scene of the Great Bookie Robbery, Australia’s most infamous armed robbery and an historic point of interest for a wide range of buyers, with three investors and four owner occupiers putting offers forward at the close of the first round of Expressions of Interest.

CBRE’s Ashley McIntyre, who negotiated the sale alongside Max Ruttner, Alex Brierely and Ben McMahon, said the property sold for $7,729 per square metre, a strong result for a strata floor of this size.


Hawthorn continues to attract interest from Asian investors

A Chinese developer has acquired a Hawthorn East residential landholding spanning 1,430sqm for $4.4 million.

CBRE’s Victorian Development Sites team, comprising David Minty, Julian White and Chao Zhang, managed the Expression of Interest Campaign for 488 Barkers Road with the final sale price reflecting a $3,076 per sqm rate.

Mr Minty said the large residential block drew strong interest from both local and international buyers.


International investor grabs a perfect pair in Melbourne’s CBD

After almost 40 years of combined ownership, two neighbouring Melbourne CBD buildings owned by the Lewenberg Family have been sold to an international investor following a heated sales campaign which concluded on the stroke of Christmas Eve.

The buildings, situated on the north-east corner of Queen and Little Lonsdale Streets, comprised the headquarters of Lewenberg & Lewenberg Solicitors, and saw offers lodged on both the individual and combined holdings. CBRE’s Melbourne City Sales team of Josh Rutman, Mark Wizel, Lewis Tong and Alex Brierley managed the campaign.

Mr Lewenberg said: “We have been office workers, residents, shoppers and landlords in these buildings for many years, and it is wonderful to see how far the city has come since we first arrived. It was time for us to move on and we couldn’t be more pleased with the result achieved. We wish the new owners well”.


VincentCare Victoria sells North Melbourne development site

A development syndicate has paid $7,750,000 for a VincentCare Victoria property in North Melbourne in the latest vote of confidence in the city’s development site market.

CBRE’s Victorian Development Site Sales team of Julian White, Chao Zhang, David Minty and Josh Rutman negotiated the sale of the 68-72 Chapman Street property on behalf of VincentCare Victoria, who were represented by transaction manager EY. VincentCare Victoria is a leading provider of housing and social support services.

The circa 2,664sqm site has a permit for 19 townhouses.


Flight to commprop sees $254m CBD sales in 2018

A flight to commercial property that has resulted in record low yields, reflects a strengthening in demand for property assets driven by uncertain economic and political times, according to the latest CBRE sales research.

Data compiled on sub $25 million properties in Melbourne’s CBD in 2018 reveals 36 properties sold for $254.45 million at an average price of $7.2 million and on an historically tight average yield of just 3.6 per cent.

The figures, according to National Director Investments, Mark Wizel, reflect the ongoing concern about global economic/trade and political issues, that have seen share prices tumble, and residential housing woes which have seen investors and developers exit the market.


Jeff Xu sells Victoria One for $13.6 million

Prominent Melbourne property player Jeff Xu has sold his Victoria One portfolio of five CBD strata retail properties to a Melbourne based investor for $13.615 million on a 5.5 per cent yield and at what is thought to be a record building rate of $27,230 a square metre for similar properties.


Then. Now. Next. What the future holds for Fishermans Bend

A selected panel of property specialists and owners relevant to the different development outcomes of Fishermans Bend will present in an interview format. Questioning will focus on the decision to hold or sell in the current market, with reflection on the past and forecasting into the future.


Local Asian buyers splash $200m in 10 weeks

The strong Asian interest in Melbourne’s sub $100 million commercial property market remains despite restrictions on off-shore Chinese investors with CBRE selling 19 properties worth just over $200 million to Asia-linked investors since the first week of July.

The purchases, which included an unknown off-shore finance component, were part of an extraordinary ten week period which saw 41 properties sell for more than $570 million including 277 William Street which fetched $93.88 million, 105 York Street South Melbourne, $49 million, and Leader Newspapers’ former Blackburn HQ, $30.2 million.


Opportunities at every stage of the cycle: Gurner

While the residential market faced numerous headwinds, not the least from the Hayne Royal Commission’s impact on the availability of housing finance, there remained real opportunities in the market, according to Melbourne developer, Tim Gurner.

Speaking at the sixth annual CBRE & Wingate client luncheon at Crown, Mr Gurner told the 450 attendees that there was no doubt the Royal Commission had inadvertently hurt the industry but there were always pockets of the market that would outperform others.

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