The latest research from Brisbane Cityscope shows property sale numbers have increased in the past three months but sales figures have dropped. The last three months to the beginning of February 2020 recorded 36 sales for a total of just over $806 million, with $761.9 million for commercial, $32.8 million for commercial strata, $7.8 million for retail strata and $3.4 million for other.
In comparison, the last three months to the beginning of November 2019 recorded 16 sales for a total of just over $1.411 billion, with $1.29 billion for commercial, $6 million for commercial strata, $106.6 million for retail, $600,000 for retail strata and $2.2 million for other.
The 12 months leading up to the beginning of February 2020 recorded 78 sales for a total of over $2.93 billion, more than $745.2 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:
Two commercial towers at 141 Queen Street and 140 Elizabeth Street have been sold together for over $393.8 million to Shayher Properties Pty Ltd. 140 Elizabeth comprises an 11-storey commercial building with over 10,000 sqm of office space and 950 sqm of retail space fronting Queen and Albert Streets. 141 Queen Street comprises a 25-storey, 19,478 sqm office building with a retail arcade at street level. Jacob Swan and Seb Turnbull of JLL Brisbane negotiated the sale with Lachlan MacGillivray, Jason Lynch and Don Mackenzie of Colliers International Brisbane. The sale represented an initial yield of 6.05% on a passing income of $23,827,007 (net).
A 20-storey office building at 313 Adelaide Street has sold for just over $137.5 million to PS Financing SPV Pty Ltd. The building comprises one level of basement car parking, ground floor retail space, three levels of car parking above ground floor and 16 levels of offices; it has a gross floor area of 15,940 sqm above podium level. Bruce Baker, Tom Phipps and Flint Davidson of CBRE Brisbane negotiated the sale which represented a capitalisation rate of 5.75% on a passing income of around $7,910,612 (net). The property last traded in 2015 for $114 million.
Centuria Property Group has purchased 348 Edward Street on behalf of their Centuria 348 Edward Street Fund. The 16-storey, 11,211 sqm office building was bought for $89 million, which represented initial yield of 5.39% on a passing income of $4,797,627 (net). Flint Davidson, Adelaide O’Brien, Tom Phipps and Marc Giuffrida of CBRE Brisbane negotiated the sale with Seb Turnbull and Stuart McCann of JLL Brisbane. The property last traded in 2016 for $49 million.
Properties currently listed for sale include:
- Level 1, 371 Queen Street – a 243 sqm unit comprising the whole first floor, split into two tenancies. For sale by expressions of interest, closing February 27, 2020; agent, Colliers International Brisbane (Tony Huan Wang and Nick Wedge).
- 331 George Street – a 900 sqm, three-storey plus basement building, formerly known as the Ryan and Bosscher House and built in 1916. For sale by offers to purchase; agent, Colliers International Brisbane (Hunter Higgins). The property was advertised with a current net income of $471,342 per annum.
- Collin House, 463-469 Adelaide Street – a five-level office building with frontages to both Queen Street and Adelaide Street. For sale by offers to purchase; agent, JPM Commercial (Justin Mollard).
Properties currently under contract (conditional or unconditional) include:
- 410 Queen Street – a 15-storey, 5,704 sqm office building with ground floor retail space and car parking for 42 vehicles. Under contract unconditionally; agents, CBRE Brisbane (Peter Chapple, Jack Morrison and Tom Phipps) and Cushman & Wakefield Brisbane (Peter Court and Mike Walsh).