The latest research from Brisbane Fringe Cityscope shows property sale numbers have remained steady but sales figures have slightly increased in the past three months. 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.
In comparison, the last three months to the beginning of August 2020 recorded 12 sales for a total of $40.8 million, with $26.9 million for commercial, $3 million for commercial strata, $4 million for retail strata and $3.9 million for other.
The 12 months leading up to early November 2020 recorded 53 sales for a total of $425.8 million, more than $495.7 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 over $28 million, these sales include:
55 Little Edward Street, Spring Hill has been sold for $83.8 million to Elanor Investment Nominees Pty Ltd as trustee for Elanor Healthcare Real Estate Fund. The property comprises two interconnected buildings, a 3-storey office building known as Boundary Court and a 2-storey office building known as Leichhardt. Mike Walsh and Peter Court of Cushman & Wakefield Brisbane negotiated the sale.
The former Elephant Hotel and The Foundary on Wickham Street in Fortitude Valley was sold following an expressions of interest campaign which closed November 28, 2019. It was sold for $8.02 million to interests associated with Tilley and Wills Hotels. CBRE Hotels and JLL Hotels & Hospitality Group negotiated the sale. Additionally, the leasehold was transferred to Elephant Arms Hotel Operations Pty Limited in August 2020. The former Elephant Hotel over the ground floor and basement was refurbished and reopened as The Prince Consort in October 2020; the upper levels had previously been known as Prince Consort Backpackers until 2014 when it was converted to a 300-person live music venue known as The Foundary.
17 Cribb Street, Milton has been bought for $2.41 million by Gustav Holdings Pty Ltd as trustee for Gustav Holdings Trust. The sale represented an initial yield of 8.40% on a passing income of $202,532 (n). Favin Moore and Stuart Mcreight of McGees Property negotiated the sale of the 524 sqm, two-storey office and warehouse building.
Properties for sale include:
- 10 Camford Street, Milton – a two-storey, 1,067 sqm office and showroom building. For sale with an asking price of $3.5 million; agent, Colliers International Brisbane (Nick Wedge and Hunter Higgins). The property was advertised fully leased with a net income of around $254,898 per annum.
- 14 Douglas Street, Milton – a 519 sqm, two-level office building with frontages to both Douglas Street and Fort Lane. For sale with an asking price of $1.9 million; agent, Raine & Horne Commercial Brisbane North (David Task).
- 164 Wharf Street, Spring Hill – a 484 sqm building with two levels of office space over car parking for nine vehicles. For sale with offers over $2.9 million being considered; agent, Ray White Commercial Brisbane (Sam Parker and Paul Anderson). The property is currently fully leased to Wardy IT Solutions until January 2021
Properties under contract (conditional or unconditional) include:
- 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.
- 17 Morgan Street, Fortitude Valley – a two-storey, 1,080 sqm office building. Under contract to UNITA for around $4,000,000 to $5,000,000 with settlement not expected until mid-May 2021; agent, JLL Brisbane (Tim Jones and Sam Byrne).