The latest research from Brisbane Cityscope shows property sale figures have slightly decreased in the past three months. The last three months to the beginning of February 2019 recorded 11 sales for a total of $550.4 million, with $453.2 million for commercial, $2 million for commercial strata, $7.4 million for retail and $87.8 million for other.
In comparison, the last three months to the beginning of November 2018 recorded 27 sales for a total of $716.2 million, with $636.7 million for commercial, $6.7 million for commercial strata, $33.7 million for retail, $36 million for retail strata and $3.2 million for other.
The 12 months leading up to the beginning of February 2019 recorded 60 sales for a total of over $2.16 billion, more than $289 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:
Charter Hall Direct Office Fund has purchased 61 Mary Street for $275 million (td 07.11.2018). The sale represented an initial yield of 5.41% on passing income of $14,883,420 (as at 1 October 2018). The 19-storey, 28,749 sqm building includes two levels of basement car parking for 253 vehicles. Justin Bond, Ben McGrath and Neil Brookes of Knight Frank Brisbane negotiated the sale in conjunction with Flint Davidson, Bruce Baker and Tom Phipps of CBRE Brisbane.
Ibis Styles Brisbane Elizabeth Street Hotel was bought off-market for $87 million (cd 23.10.2018, td 21.12.2018) by Legend Land Brisbane Pty Ltd, a subsidiary of Worldwide Hotels. Wayne Bunz of CBRE Hotels negotiated the sale. The 28-storey hotel was opened to the public in March 2016 and has a total of 368 rooms.
Capital Hill, an 18-storey office tower on George Street was sold for $71,543,715 (td 12.10.2019) to Charter Hall Long WALE REIT and Charter Hall Direct PFA Fund. The sale represented an initial yield of around 6% on passing income of approximately $4,292,623. A refurbishment of the building was completed in late January 2019.
The Cross River Rail Delivery Authority purchased another two properties this quarter, 97-99 Albert Street and 100 Mary Street for $4.9 million and $2.45 million respectively.
Properties currently listed for sale include:
- 240 Margaret Street – a six-storey, 3,525 sqm office building. For sale by expressions of interest; agent, Knight Frank Brisbane (Justin Bond and Ben McGrath).
- 280 Elizabeth Street – a nine-level building purpose built and utilised as a telephone exchange. For sale by expressions of interest, closing February 28, 2019; agent, Knight Frank Brisbane (Justin Bond and Matt Barker).
- The Pavilion, 126-130 Queen Street – a three-storey retail/office building. Net lettable area, 3,771 sqm. For sale by expressions of interest; agent, JLL Brisbane (Seb Turnbull, Jacob Swan, Sam Hatcher and Luke Billiau). The property was originally advertised with an estimated fully leased net income of $4,458,169 pa.