The latest research from Brisbane Cityscope shows property sale numbers have decreased in the past three months but sales figures have dropped. The last three months to the beginning of August 2020 recorded 8 sales for a total of $20.5 million, with $9.8 million for commercial strata, $9.5 million for retail and $1.1 million for retail strata.
In comparison, the last three months to the beginning of May 2020 recorded 10 sales for a total of $474.7 million, with $469.3 million for commercial, $4.6 million for commercial strata and $800,000 for retail strata.
The 12 months leading up to the beginning of August 2020 recorded 72 sales for a total of over $2.725 billion, more than $721 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:
A three-storey retail and office building at 63 Adelaide Street has been sold for $9.5 million to John Chai, Glenda Yuen-Chai and Chai City Pty Ltd; the vendor, B.B. Design Pty Ltd, had the property listed on and off since 2015. The 1,266 sqm building last traded at $3.5 million in 2005.
Two floors at River Quarter on Margaret Street have sold separately to Taipei Economic and Cultural Office for a total of $5.15 million. Level 11 sold with two car parks for $2.55 million and Level 12 sold with two car parks for $2.6 million. Both sales settled in May 2020.
After an extremely long settlement period, Level 10, 344 Queen Street has sold for $2.385 million to Flowerscorp Pty Ltd. The sale was contracted in May 2017 and settled this June. The vendor, Janfair Pty Ltd, purchased the lot in 2013 for $2.65 million.
Properties currently listed for sale include:
- 331 George Street, a 900 sqm, three-storey plus basement building; 450 George Street, a 491 sqm, two-storey retail and office building; and 376 George Street, a 1,040 sqm, five-storey office building with ground floor retail space. For sale by expressions of interest, closing August 6, 2020; agent, Colliers International Brisbane (Hunter Higgins and Tom O'Driscoll). The properties were advertised with net passing incomes of $488,515, $105,581 and $386,875, respectively.
- 45-47 Edward Street, a four-storey office building plus a lower ground/basement level; built circa 1890 by Thomas Rees. For sale by expressions of interest; agent, JLL Brisbane (Sam Bryne & Tim Jones).
- Collin House, 463-469 Adelaide Street, five storeys to Queen Street. The building includes retail space, commercial space and two apartments. For sale by expressions of interest; agent, JPM Commercial (Justin Mollard).
Properties currently under contract (conditional or unconditional) include:
- William Jolly Place, 309 North Quay – a group of office/warehouse buildings ranging in height from two to four storeys. The property includes 42 car parks and has a total building area of 14,049 sqm. Under contract with settlement expected 2021; agents, Knight Frank Brisbane (Justin Bond) and Colliers International Brisbane (Jason Lynch and Don MacKenzie).
- Thallon House, 95 Edward Street – a 1,063 sqm, four-storey office building with basement car parking. Due diligence being conducted; agent, CBRE Brisbane (Andrew Adnam and Jack Morrison).