The latest research from Brisbane Cityscope shows property sale figures have increased significantly in the past three months. The last three months to the beginning of August 2018 recorded 16 sales for a total of $882 million, with $354.4 million for commercial, $7.1 milllion for commercial strata, $23 million for retail strata and $497.4 million for other.
In comparison, the last three months to the beginning of May 2018 recorded 6 sales for a total of $11.5 million, with $6.6 million for commercial strata, $3.4 million for retail strata and $1.5 million for other.
The 12 months leading up to the beginning of August 2018 recorded 50 sales for a total of over $1.98 billion, more than $683.8 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:
- M&G Asia Property Fund have pre-purchased a 50% interest in an approved, but yet to be constructed, 36-storey office building for $418 million. The building, will have frontages to both Ann Street and Turbot Street and will be jointly developed with Mirvac Group, who purchased the site for $79 million from Wee Hur.
- A 24-storey office building at 127 Creek Street has been purchased by Singapore-based investment management company, Firmus Capital, for $129.128 million. Justin Bond, Ben McGrath and Neil Brooks of Knight Frank Brisbane sold the property in conjunction with Flint Davidson, Bruce Baker and Tom Phipps of CBRE Brisbane. The sale represented an initial yield of 6.22% on passing income of $8,028,416 (net).
- A nine-storey office building at 231 George Street, an 11-storey office building at 217-229 George Street and a three-storey arcade at 52-60 Queen Street were bought together for $93.96 million (cd 27.07.2018) by Charter Hall Group. Seb Turnbull, Luke Billiau, Rob Sewell and Geoff McIntyre of JLL Brisbane sold the properties together with Tom Barr, Jason Lynch and Brendon Hogan of Colliers International. The sale represented a fully let passing income of 7.9% (including income support).
Properties currently listed for sale include:
- 288 Edward Street and 133 Mary Street – a 28-storey office building and a 16-storey office building. For sale, individually or in-one-line, by expressions of interest, closing August 30, 2018; agent, JLL Brisbane (Luke Billiau and Seb Turnbull).
- 420 George Street – a 14-storey office building with two levels of basement car parking. For sale by expressions of interest, closing August 23, 2018; agent, CBRE Brisbane (Peter Court, Tom O’Driscoll and Mike Walsh). The property was advertised with a fully leased income of $2,919,710 per annum net (as at 1 August 2018).
- City Edge Brisbane Hotel – a four-storey hotel located on Turbot Street in Brisbane; built in 1915. For sale by offers to purchase; agent, First National Commercial (Hiep Nguyen).
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.