News & Research

Commercial Market Update - Brisbane Cityscope August 2021

The latest research from Brisbane Cityscope shows in the last three months sales figures have significantly increased. The last three months to the beginning of May 2021 recorded 22 sales for a total of $466.3 million, with $426.2 million for commercial, $13 million for commercial strata, $29.8 million for retail, $1.6 million for retail strata and $100,000 for other.

In comparison, the last three months to the beginning of May 2021 recorded 3 sales for a total of $211 million, with $210 million for commercial, $300,000 for commercial strata and $700,000 for retail strata.

The 12 months leading up to the beginning of August 2021 recorded 50 sales for a total of over $960.2 million, more than $1.82 billion lower than the recorded figure for the same time period the year before.

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

The most significant sales recorded this quarter were:

10 Eagle Street has been sold following an expressions of interest campaign which ended late last year. The property was bought for just under $285 million by Marquette Investment Managers Pty Ltd as trustee for Gold Tower Trust. Marquette Properties was established in 2009 and is a specialist Property Investment Manager. Justin Bond and Paul Robert of Knight Frank negotiated the sale in conjunction with Anthony Ott and Paul Craig of Savills. The tower, colloquially known as Gold Tower, is an A-grade, 135m tall building with 27,826 sqm of space and car parking for 247 vehicles. The property last traded in mid-2012 for just over $195 million.

Cromwell Direct Property Fund has purchased 545 Queen Street for $117.5 million, in a deal that required Foreign Investment Review Board approval. The property is comprised of a ten-storey building with two basement levels of car parking (total of 101 bays), upper and lower ground floor retail suites, four podium levels of office space and five more office levels in a tower above the podium. The property was extensively redeveloped from July 2007 to October 2008 for $105 million, extending the lower levels of the building to the property boundary and more than doubling the total floor space to over 13,000 sqm. Further work was undertaken in 2018. Peter Chapple, Bruce Baker, Flint Davidson and Stuart McCann negotiated the sale.

A five-storey retail and office building at 162 Albert Street was sold to N G P Investments (No 2) Pty Ltd for $29.75 million. The sale represented an initial yield of 4.16% on a passing income of $1,237,393 (net). Jacob Swan, Campbell Bowers and Ned McKendry of JLL negotiated the sale together with Richard Morrison of Morrison Project Consulting. The five-storey, 3,164 sqm building was extensively refurbished in 2013 and includes tenants like JD Sports Fashion and ESRI Australia.

Properties currently listed for sale include:

  • 359 Queen Street, a seven-storey, 2,713 sqm office building with ground floor retail space. For sale with an asking price of $25 million; agent, Cushman & Wakefield Brisbane (Peter Court & Mike Walsh). The property was advertised with a fully leased net income of $1,267,477 pa.
  • Turbot House Hotel, a four-storey hotel recently rebranded from City Edge Brisbane. For sale with an asking price of $10 million; agent, RE/MAX City – Brisbane (Geoff Esdale).

Properties currently under contract (conditional or unconditional) include:

  • Trustee House, 444 Queen Street, a 22-storey, 13,968 sqm office building with car parking for 72 vehicles. Due diligence underway; agents, Knight Frank Brisbane (Justin Bond & Blake Goddard) and CBRE Brisbane (Peter Chapple & Tom Phipps).
  • 275 George Street – a 50% interest in a 31-storey, 41,748 sqm office tower. Keppel's 50% under contract for $275 million to Charter Hall Prime Office Fund.
  • The Brisbane Club Tower, a 21-storey, 10,836 sqm office building. The leasehold is under conditional contract to CHAB Office Trust for $31.5 million and the freehold interest is under conditional contract to CHAB Office Trust for $32 million, subject to a lease back of up to five years plus options. The transactions are expected to settle simultaneously during 2021.


CoreLogic Australia

CoreLogic Australia

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