The latest research from Brisbane Cityscope shows property sale figures have decreased slightly in the past three months. The last three months to the beginning of February 2018 recorded 17 sales for a total of $512.9 million, with $419 million for commercial, $4.6 million for commercial strata and $89.3 million for other.
In comparison, 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.
The 12 months leading up to the beginning of February 2018 recorded 60 sales for a total of over $1.8 billion, more than $675 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.
The most significant sales recorded this quarter were:
- Santos Place, a 37-storey office building on Turbot Street was sold for $348,432,916 to Charter Hall Group who holds the property on behalf of GIC Private Limited. Tom Barr, Jason Lynch and John Marasco of Colliers International Brisbane negotiated the sale which represented an initial yield of 6.03% on passing income of just over $21 million. Santos Place has 35,395 sqm of space and includes retail space to Turbot Street and five levels of car parking.
- The 17-storey Hotel Ibis and 16-storey Mercure Hotel have been sold for $77 millionto CR Institutional Hotel Fund, a fund managed by Commerz Real AG. Wayne Bunz of CBRE Hotels negotiated the sale in conjunction with and Pro-invest Group. The hotel will continue to be operated by a subsidiary of AccorHotels.
- The former National Australia Bank Building at 180 Queen Street was bought for $53.95 million by G Global 180Q Pty Ltd. Agents from Colliers International and Savills Brisbane negotiated the sale following an expressions of interest campaign which closed in August 2017. The sale represented an initial yield of around 6.01% on an advertised fully leased income of more than $3.24 million (net). 180 Queen Street is a seven-storey office building which was originally built in the late 1920s.
Properties currently listed for sale include:
- 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) and Atlantic Real Estate (Corey Bliss).
- City Edge Brisbane Hotel, 63-65 Turbot Street – a four-storey building dating from 1916 and converted from office space to a hotel in 1996. For sale by offers to purchase; agent, First National Commercial (Hiep Nguyen). The property was advertised with a yearly rent of $494,967 (net).
- Collin House, 463-469 Adelaide Street – a five-storey office building renovated and extended from three storeys. For sale by expressions of interest; agents, Chesterton International (Shaun Douglas) and JPM Commercial (Chris McDonald and Justin Mollard).
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