News & Research

Commercial Market Update - Brisbane Fringe Cityscope May 2021

The latest research from Brisbane Fringe Cityscope shows in the last three months property sale numbers have decreased and sales figures more than halved. The last three months to the beginning of May 2021 recorded 18 sales for a total of $55.8 million, with $30.7 million for commercial, $2.4 million for commercial strata, $1.8 million for retail, $1.6 million for retail strata and $19.3 million for other.

In comparison, the last three months to the beginning of February 2021 recorded 25 sales for a total of $117.4 million, with $23.7 million for commercial, $5 million for commercial strata, $6 million for retail, $5.2 million for retail strata and $77.5 million for other.

The 12 months leading up to early May 2021 recorded 69 sales for a total of $313 million, more than $225.7 million less than the same time last year.

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

Significant sales recorded this quarter total just over $34 million, these sales include:

The former Keating’s Bread Factory site (now used as offices) plus associated car parking at 41 Kennigo Street have been purchased together for $15.8 million by RG Property Fifteen Pty Ltd, associated with RG Property Group. The former factory is located in Fortitude Valley and comprises three mainly single-storey buildings and a two-storey building to the northern end along Warry Street. Peter Court and Mike Walsh of Cushman & Wakefield Brisbane negotiated the sale in conjunction with Jack Morrison and Peter Chapple of CBRE Brisbane.

A four-level office building at 86 Astor Terrace, Spring Hill was purchased at auction for $10.5 million. The building comprises 1,303 sqm of office space over three levels and one level of car parking for 17 vehicles. The sale went to auction through Burgess Rawson’s, Doug Doyle, Jamie Dewe and Adam Thomas.

Also in Spring Hill, Industry House a two-storey, 1,840 sqm office building at 375 Wickham Terrace and associated car parking at 21 Lilley Street were bought for $8.03 million by Wickham Private Pty Ltd, as trustee for Wickham Private Unit Trust. The owner has Council approval to close off part of the laneway which separates the properties. Tim Jones, Sam Byrne and Seb Turbull of JLL Brisbane negotiated the sale.

Properties for sale include:

  • 203-207 Wharf Street, Spring Hill – a 4,695 sqm office building over four levels. The property includes over 67 onsite car parks. For sale by expressions of interest, closing May 12, 2021; agent, Colliers International Brisbane (Adam Rubie, Brendan Hogan, Hunter Higgins).
  • GPO Hotel, 740 Ann Street, Fortitude Valley – a two-storey, 1,345 sqm building originally built in 1887 and extended in 2002. For sale by expressions of interest, closing May 13, 2021; agents, JLL Brisbane (Elliott O’Shea and Tim Jones) and JLL Hotels & Hospitality Group (Tom Gleeson).
  • Amelia Hotel, a two-storey hotel in Fortitude Valley with a ground floor cafe. For sale with an asking price of $3.85 million; agent, Resort Brokers Australia (Nathan Eades).

Properties under contract (conditional or unconditional) include:

  • Lanmor House on Brunswick Street and 52 Amelia Street – 960 sqm across two, two-storey buildings on an 860 sqm site. Under conditional contract; agent, Colliers International Brisbane (Hunter Higgins & Nick Wedge).
  • 105-105A Bowen Street, Spring Hill – a single-storey, 220 sqm office with two tenancies and car parking for four vehicles on site. Under contract with settlement expected in approximately six months; agent, Elders Commercial Brisbane (Luis Nicolaou).
  • 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.


CoreLogic Australia

CoreLogic Australia

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