The latest research from Brisbane Cityscope shows property sale numbers have decreased slightly in the past three months. The last three months to the beginning of November 2017 recorded 17 sales for a total of $574.6 million, with $531 million for commercial, $6 million for commercial strata and $1.6 million for retail strata and $36 million for other.

In comparison, 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.

The 12 months leading up to the beginning of November 2017 recorded 60 sales for a total of over $1.6 billion, more than $390 million higher 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.

2017-11-09--brisbanecityscopequarterlysales

The most significant sales recorded this quarter were:

  • Motor Accident Commission sold its 50% interest in 400 George Street for $210 million to MAC Australian Sub TC Pty Ltd as trustee for George 400 Trust. Jamie Guerra and Roger Klem of JLL Adelaide negotiated the sale. 400 George Street is a 34-storey office building which was officially opened in December 2009 by the Premier of Queensland, Anna Bligh MP.
  • Keppel REIT, a real estate investment trust listed on the Singapore Stock Exchange, has purchased the recently refurbished, 22-storey office building at 160 Ann Street for $119.5 million. The sale represented an initial yield of 5.55% on passing income of $6,632,250. Upon transfer, total outstanding incentives of $13,250,812 became the sole responsibility of the purchaser. Bruce Baker and Flint Davidson of CBRE Brisbane sold the property in conjunction with Justin Bond and Neil Brookes of Knight Frank Brisbane.
  • 150 Charlotte Street, a 19-storey office building formerly known as Energex House, is under contract unconditionally for $105.75 million to Australian Unity Office Fund, a listed property fund which invests in a portfolio of offices properties across Australia. The sale represented an initial yield of 6.83% on passing income of $7,222,725 (net). Seb Turnbull, Luke Billiau and Rob Sewell of JLL sold the property in conjunction with Mark Coster of CBRE Melbourne. 
2017-11-09--brisbanecityscopequarterlysalesgraph

Properties currently listed for sale include:

  • 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 a reduced asking price of $13.5 million; agent, Harcourts Solutions Inner City (Margo McLay). The property was initially advertised with a gross revenue of $1,094,978 per annum.
  • 20 Charlotte Street – the single-storey, heritage listed building in front of the Charlotte Exchange. For sale by expressions of interest, closing November 23, 2017 (subdivision pending); agent, Knight Frank Brisbane (Christian Sandstrom and Matt Barker).