The latest research from Brisbane Cityscope shows property sale numbers have increased slightly in the past three months and sales figures have more than doubled. The last three months to the beginning of August 2016 recorded 19 sales for a total of $477.8 million, with $241.3 million for commercial, $11.1 million for commercial strata, $198.6 million for retail, $26.5 million for retail strata and $400,000 for other.
In comparison, the three months to the beginning of May 2016 recorded 16 sales for a total of $200 million, with $84.3 million for commercial, $4.3 million for commercial strata, $6.1 million for retail and $105.3 million for other. The 12 months leading up to the beginning of August 2016 recorded 75 sales for a total of over $1.3 billion, significantly 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 three most significant sales recorded this quarter were:
- Myer Centre, 91 Queen Street, a seven-level shopping centre with frontages to Queen Street, Elizabeth and Albert Streets. Vicinity Ltd sold a 25% interest for $192.1 million to ISPT, giving them a 75% interest in the property.
- HSBC Building, 300 Queen Street, a 25-storey office building with a lower ground food precinct known as 300 Eatery. The building was purchased for $188 million (cd 21.04.2016, td 30.06.2016) by ARA Asset Management Limited on behalf of a real estate fund. Geoff McIntyre, Seb Turnbull and Luke Billiau of JLL negotiated the sale in conjunction with Justin Bond, Ben McGrath and Neil Brookes of Knight Frank. The sale represented an initial yield of 7.54% on a passing income of over $14.18 million (net).
- Unit 803, Oaks Festival Towers, 108 Albert Street. Ground floor retail space (1,027 sqm) with around eight tenancies. Bought for $22.7 million by Marquette Investment Managers Pty Ltd, as trustee for Festival Towers Retail Trust. Mark Greer from MG Property Investments and Andrew Adnam from CBRE Brisbane negotiated the sale. The sale represented an initial yield of 6.25% on passing income of over $1.41 million.
Properties currently listed for sale include:
- Level 1, 160 Roma Street– a 563 sqm office comprising the entire first floor; agent, CBRE (Andrew Adnam).
- 63 Adelaide Street – a three-storey retail/office building. For sale with an asking price of $18 million; agent, Ray White on Broadway (Alvie Lin). The property was originally advertised with a current gross revenue of $1,094,978 per annum.
- Unit 21, Matisse Tower, 110 Mary Street– a 269 sqm unit comprising the entire twentieth floor. For sale with an asking price of $1.4 million; agent, Tewksbury Commercial Real Estate (Peter Tewksbury). The unit was advertised with vacant possession.