News & Research

Commercial Market Update - Brisbane Cityscope February 2021

The latest research from Brisbane Cityscope shows in the last three months property sale numbers have remained steady but figures have decreased. The last three months to the beginning of February 2021 recorded 12 sales for a total of $120.5 million, with $82.3 million for commercial, $8.3 million for commercial strata, $20.5 million for retail and $9.4 million for other.

In comparison, the last three months to the beginning of February 2021 recorded 11 sales for a total of $159.7 million, with $54 million for commercial, $7.3 million for commercial strata, $87 million for retail, $1.9 million for retail strata and $9.5 million for other.

The 12 months leading up to the beginning of February 2021 recorded 41 sales for a total of over $775.3 million, more than $2.16 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:

Brisbane Sales Grid

The most significant sales recorded this quarter were:

340 Adelaide Street, formerly known as Oracle Tower, has been bought for just over $82.3 million by the Forza 340 Adelaide Street Fund. The contract price was $86.75 million, less the amount of $4,448,973.52 for incentives under leases for the property. The 17-storey building includes two levels of basement car parking for 100 vehicles and around 12,834 sqm of space; it was 93% leased at the time of sale. Flint Davidson, Tom Phipps, Bruce Baker and Matt Lawrence of CBRE Brisbane negotiated the sale.

The William Cairncross Building (comprising 188 Albert Street, 192 Albert Street and 194 Albert Street) was transferred for $20.5 million to related company William Cairncross Pty Ltd. The company is associated with the Bishop family, which own and operate Wallace Bishop Jewellers. Wallace Bishop Jewellers celebrated their hundredth birthday in August 2017.

A three-storey educational building at 33 Herschel Street was sold for $9.25 million to Capricorn Asset Management Pty Ltd as trustee for the Capricorn Asset Management Trust. Elliott O’Shea and Seb Turnbull of JLL Brisbane negotiated the sale, which represented an initial yield of 7.62% on passing income of $704,850. The building is subleased by Langports English Language College until September 2022.

Brisbane Sales Chart

Properties currently listed for sale include:

  • 45 Edward Street, 772 sqm, four-storey plus lower ground/basement office building. For sale with an asking price of $6.7 million; agent, JLL Brisbane (Sam Byrne).
  • 62 Queen Street, a 1,104 sqm, three-storey plus basement office/retail building with an additional entrance point to Burnett Lane. For sale by expressions of interest; agent, Knight Frank Brisbane (Blake Goddard and Justin Bond).
  • Collin House, a 2,762 sqm office building, five storeys to Queen Street, with a two apartments on the top floor. For sale by negotiation; agent, JPM Commercial (Justin Mollard).

Properties currently under contract (conditional or unconditional) include:

  • 10 Eagle Street, a 27,826 sqm, 33-storey office building which was formerly known as AMP Place. Under contract with settlement expected in the next few months; agents, Knight Frank (Justin Bond and Paul Roberts) and Savills (Anthony Ott and Paul Craig).
  • William Jolly Place, a four-storey office building at 309 North Quay with a self-storage centre to the rear. Under contract for around $65m to Charter Hall and QuadReal, with settlement expected 2021; agents, Knight Frank Brisbane (Jason Lynch and Don Mackenzie) and Colliers International Brisbane (Justin Bond).
  • Unit 35, Northpoint Brisbane, 239 North Quay, a 79 sqm office on the sixth floor. Under contract unconditionally; agent, Colliers International Brisbane (Nick Wedge and Tony Wang).


CoreLogic Australia

CoreLogic Australia

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