The latest research from Brisbane Fringe Cityscope shows in the last three months property sale numbers have increased but sales figures have had a slight increase. The last three months to the beginning of February 2021 recorded 22 sales for a total of $114.2 million, with $23.7 million for commercial, $4.4 million for commercial strata, $4.2 million for retail, $4.3 million for retail strata and $77.5 million for other.
In comparison, the last three months to the beginning of November 2020 recorded 14 sales for a total of $98.9 million, with $86.2 million for commercial, $1.5 million for commercial strata, $800,000 for retail strata and $10.5 million for other.
The 12 months leading up to early February 2021 recorded 60 sales for a total of $323.5 million, more than $212.6 million less than the same time last year.
The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:Brisbane Fringe Sales Grid
Significant sales recorded this quarter total nearly $80 million, these sales include:
After a failed sale to iProsperity, interests associated with Amora Hotels & Resorts have purchased the 296-room Novotel Brisbane Hotel for just over $67.8 million; the hotel will be rebranded following Novotel’s lease expiring in late April this year. JLL Hotels & Hospitality Group negotiated the sale. The hotel last traded for $63.5 million in 2010.
A three-storey child care centre at 20-22 Marie Street, Milton has been sold for $8.435 million; it was purchased through The Trust Company (Australia) Limited. The property, formerly an office building, was extended and refurbished in 2018 for use by the a 120-space child care centre. It previously traded for $6.15 million in 2017.
Developer, builder and property managers, Pellicano, have purchased 68 Brunswick Street, Fortitude Valley for $8 million from Metro Property Group. The property was originally going to house stage 4 of the adjoining Central Village development. The 5,374 sqm site was sold through JLL Brisbane and has Council approval to demolish the existing buildings on site.Brisbane Fringe Sales Chart
Properties for sale include:
- Lanmor House, 124 Brunswick Street and 52 Amelia Street – a two-storey office building and a two-storey warehouse/office building, with a combined area of 960 sqm and associated car parking. For sale by expressions of interest, closing February 24, 2021; agent, Colliers International (Hunter Higgins and Nick Wedge).
- 29 Amelia Street, Fortitude Valley – two-strata units (the whole building) with a combined 828 sqm of office space over two levels, plus ground floor car parking for 20 vehicles. For sale by expressions of interest, closing February 18, 2021; agent, C Property Qld (Sam Callanan and Joe Kennedy).
- 196 Wickham Street, Fortitude Valley – a two-storey retail/entertainment building with lower ground level to the rear. For sale by offers to purchase; agent, Commercial Brisbane (Glenn Corrigan and Tom Chan).
Properties under contract (conditional or unconditional) include:
- 38 Warry Street and adjoining car parking at 41 Kennigo Street - 2,955 sqm of office space (the former Keatings Bread Factory site) and an adjoining carparking for 20 vehicles. Under contract; agent, Cushman & Wakefield Brisbane (Peter Court and Mike Walsh) and CBRE Brisbane (Jack Morrison and Peter Chapple).
- 72 Costin Street, Fortitude Valley – a single-storey plus mezzanine, brick office building with car parking for 15 vehicles. Net lettable area, 507 sqm. Under contract unconditionally with a long, one-year settlement period expected; agent, Colliers International Brisbane (Hunter Higgins and Nick Wedge). The property was advertised with a potential leaseback agreement from 9-months to three-years.