top of page

Commercial Property Update - Southbank City scope, Melbourne June 2021

The latest research from Southbank City scope shows property sales value has increased in the past three months.

Sales recorded in the quarter to May 2021 totaled $216.3 million, an increase from the $195.2 million recorded in the three months to February 2021 but a decrease from the $348.9 million recorded in the three months to November 2020.

This data brings the 12 month total close to $1.013 billion, a decrease from the $1.103 billion recorded the same time last year.

Major commercial/retail sales in the May 2021 Southbank City scope update include:

  • 293-297 City Road, Southbank, two buildings built in 1913 and 1958, one a windowless single-storey high clearance brick warehouse used as a customer car park with room for about 15 vehicles and the other, a two-storey brick office building with a ground-floor showroom, were bought for $20 million through Vinci Carbone.

Properties listed as for sale in May 2021 update of Southbank City scope include:

  • Novotel Melbourne South Wharf Hotel, 1-15 Convention Centre Place, South Wharf, a 26-storey four star hotel, comprising 347 rooms, restaurant and bar, self-service business centre and a fitness centre, completed in April 2018, for sale as part of a portfolio of hotels that also includes the Ibis Glen Waverley, Glen Waverley and the Ibis Budget Hotel, Tullamarine (neither covered by City scope) through CBRE;

  • Unit G01, known as 85E Queensbridge Street, a retail suite of 319 sqm on the ground floor in Southbank Towers, Southbank, which is for sale through LLC Real Estate – Mt Waverley and

  • 203-205 Normanby Road, South Melbourne, a single-storey building of concrete construction with a showroom to Normanby Rd and a clear span warehouse to the rear, built 1983 with parking for eight cars on paved land at the front and a combined building area 1,050 sqm, for sale through Colliers International.

Leasing opportunities listed in the May 2021 update of Southbank City

scope include:

  • 2 Southbank Boulevard, Southbank, the commercial tower of Freshwater Place, 37 storeys, completed in June 2005 with 544 car spaces in seven levels above ground, which has office space ranging from 818 to 5,147 sqm available through CBRE Melbourne and Colliers International Melbourne;

  • 2 Riverside Quay, Southbank, a 21-storey building comprising 12-level office accommodation above a refurbished 8 level car park for 567 cars, which has office space ranging from 1,000 to 1,873 on level eleven available through CBRE Melbourne and JLL Melbourne and

  • 94-100 Park Street, South Melbourne, a 3-level brick and concrete building with a showroom at street level, and on-site parking, built 1970, refurbished 1989 and 2005 and in 2006/2007, the building was again extensively renovated and another level was added, which has office space from 450 to 1,524 sqm (the whole building) available through Lemon Baxter South Melbourne


Recent Posts

See All


bottom of page