The latest research from Brisbane Cityscope shows property sale numbers have decreased slightly in the past three months and sales figures have significantly decreased. The last three months to the beginning of November 2016 recorded 13 sales for a total of $186.9 million, with $178.3 million for commercial, $8.3 million for commercial strata and $300,000 for retail strata.
In comparison, the 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.
The 12 months leading up to the beginning of November 2016 recorded 65 sales for a total of over $1.2 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:
- 314 Queen Street, a 26-storey office building with ground floor retail space, was bought for $132 million, excluding transaction costs, by Abacus Property Group and Investec Australia Property Fund. The sale is subject to FIRB approval and is expected to settle in December 2016. Seb Turnbull, Geoff McIntyre and Luke Billiau of JLL negotiated the sale in conjunction with Justin Bond and Neil Brookes of Knight Frank.
- Trustee House, 444 Queen Street, a 22-storey office building, was sold for $23.5 million to 444 Queen Street Trust. The units in 444 Queen Street Trust are held by Perpetual Trustee Company Ltd as custodian of Abacus Trust, which forms part of Abacus Property Group.
- A 50% interest in 100 Edward Street, a 17-storey office building with ground floor retail space, was bought for $18,847,500 by DDH Graham Limited. DDH Graham is a Brisbane based funds management and administration organisation which was founded in 1981 by David Graham.
Properties currently listed for sale include:
- Flight Centre Building, 316 Adelaide Street – a 14-storey office building with three levels of basement car parking. For sale by expressions of interest, closing November 30, 2016; agent, Colliers International (Jason Lynch, Hunter Higgins and Samuel Biggins).
- TPG Telecom House, 127 Creek Street – a 24-storey office building with two levels of basement car parking for 95 vehicles. For sale by expressions of interest, closing November 17, 2016; agents, JLL Brisbane (Seb Turnbull and Geoff McIntyre) and CBRE Brisbane (Bruce Baker and Flint Davidson).
- Forty Tank, 40 Tank Street– an 11-storey office building with ground floor shops, five levels of public car parking for 321 vehicles, topped by five levels of offices. For sale by expressions of interest, closing November 17, 2016; agents, JLL Brisbane (Seb Turnbull and Geoff McIntyre) and CBRE Brisbane (Bruce Baker and Flint Davidson).