The latest research from Brisbane Cityscope shows property sale numbers and figures have increased slightly in the past three months. The last three months to the beginning of August 2017 recorded 19 sales for a total of $340.3 million, with $322.8 million for commercial, $13 million for commercial strata and $4.5 million for retail. In comparison, the last three months to the beginning of May 2017 recorded 13 sales for a total of $441.2 million, with $428.8 million for commercial, $11.9 million for commercial strata and $500,000 for other.
The 12 months leading up to the beginning of August 2017 recorded 57 sales for a total of over $1.2 billion, only slightly 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:
- Crowe Horwath Centre at 120 Edward Street has been sold for just over $141.2 million to interests associated with Deutsche Asset Management. The 15,531 sqm building comprises ground floor retail space, two levels of car parking above ground and office space over levels 3 to 18. The sale represented an initial yield of 5.91% on a passing income of $8,349,367 (net). Seb Turnbull and Luke Billiau of JLL Brisbane negotiated the sale together with Peter Chapple of Savills Brisbane.
- 545 Queen Street was bought for $70.5 million by 545Q Pty Ltd as trustee for Queen St Trust and G. James Pty Ltd. The sale of the 10-storey office building was negotiated by Ben Azar of Savills Sydney.
- Forty Tank, 40 Tank Street was sold for $56.1 million to Seyaal Tank Street Pty Ltd as trustee for the 40 Tank Street Trust. Seyaal Tank Street is owned 50% by Ariadne Freehold Pty Ltd, a subsidiary of Ariadne Australia Limited, and 25% each by Kay and Kevin Seymour. The 11-storey office building includes ground floor retail space and five levels of car parking. Bruce Baker and Flint Davidson of CBRE Brisbane negotiated the sale together with Seb Turnbull and Geoff McIntyre of JLL Brisbane.
Properties currently listed for sale include:
- 150 Charlotte Street – a 19-storey office building with three levels of basement car parking. Formerly known as Energex House. For sale by expressions of interest, closing August 23, 2017; agents, CBRE Melbourne (Mark Coster), JLL Brisbane (Seb Turnbull and Luke Billiau) and JLL Sydney (Rob Sewell).
- 180 Queen Street – a seven-storey office building with ground floor retail space. Formerly known as the National Australia Bank Building. For sale by expressions of interest, closing August 24, 2017; agents, Colliers International Brisbane (Samuel Biggins and Jason Lynch) and Savills Brisbane (Peter Chapple and Anthony Ott). The property was advertised with fully leased net income of $3,241,180 pa.
- 63 Adelaide Street – a three-storey, 1,266 sqm retail and office building with frontages to both Adelaide Street and Burnett Lan. For sale with an asking price of $18,000,000; agent, Harcourts Solutions Inner City (Margo McLay). The property was advertised with a gross revenue of $1,094,978 per annum.
Properties under contract (conditional or unconditional) include:
• 160 Ann Street – a 22-storey office building which was extensively refurbished in 2016. Under conditional contract; agent, Knight Frank Brisbane (Justin Bond and Neil Brookes) and CBRE Brisbane (Justin Bond and Neil Brookes).
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope. Subscribe to the free Commercial Pulse eNewsletter Get the latest commercial news and sales data each week from our CoreLogic Commercial Pulse! Click here to subscribe