The latest research from Brisbane Cityscope shows property sale numbers have increased only slightly in the past three months although sales figures have significantly increased. The last three months to the beginning of February 2017 recorded 15 sales for a total of $330.6 million, with $191.2 million for commercial, $3.4 million for commercial strata, $99.6 million for retail, $2.4 million for retail strata and $300,000 for retail strata.

In comparison, the last three months to the beginning of November 2016 recorded 14 sales for a total of $187.6 million, with $178.3 million for commercial, $9 million for commercial strata and $300,000 for retail strata.

The 12 months leading up to the beginning of February 2017 recorded 64 sales for a total of over $1.1 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:

  • 307 Queen Street, a 26-storey office building with ground floor retail space, was bought for $142.15 million by LaSalle Investment Management. Bruce Baker, Flint Davidson and Tom Phipps of CBRE Brisbane negotiated the sale.
  • Post Office Square, with frontages to both Queen Street and Adelaide Street, was sold for $95.5 million to LaSalle Investment Management, with settlement expected at the end of February 2017. Simon Rooney of JLL Brisbane negotiated the sale. Post Office Square is a retail food court topped by a grassed plaza area.
  • The IBM Centre, 348 Edward Street, a 16-storey office building with a ground floor cafe, was bought for $49 million by Hines (AUS) Investment Services Pty Ltd, as trustee for the 348 Edward Street Holdings Trust. Bruce Baker, Flint Davidson and Tom Phipps of CBRE Brisbane negotiated the sale, which represented an initial yield of 8.53% on passing income of over $4.17 million.

 

Properties currently listed for sale include:

  • 370 Queen Street – a seven-storey office building with basement car parking. For sale by expressions of interest; agents, JLL Brisbane (Seb Turnbull and Geoff McIntyre) and CBRE Brisbane (Bruce Baker and Flint Davidson).
  • Level 12, 42-46 Edward Street – a 434 sqm unit comprising the entire twelfth floor. For sale with an asking price of $3.1 million; agent, Burgess Rawson (Roaul Holderhead, David Ingram and Pat Kelly).
  • Forty Tank, 40 Tank Street – an eleven-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; agents, JLL Brisbane (Seb Turnbull and Geoff McIntyre) and CBRE Brisbane (Bruce Baker and Flint Davidson).

 

Commercial Research