The latest research from Brisbane Cityscope shows property sale figures have decreased in the past three months. The last three months to the beginning of May 2019 recorded 12 sales for a total of $355 million, with $346.5 million for commercial, $6.1 million for commercial strata and $2.4 million for retail.
In comparison, the last three months to the beginning of February 2019 recorded 11 sales for a total of $575.4 million, with $478.2 million for commercial, $2 million for commercial strata, $7.4 million for retail and $87.8 million for other.
The 12 months leading up to the beginning of May 2019 recorded 66 sales for a total of over $2.52 billion, more than $1 billion 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:
- Kyko Group has purchased 201 Charlotte Street, formerly known as the Citibank Centre, for $126.7 million (td 01.05.2019). The sale represented an initial yield of 5.94% on a passing income of $7,525,980 (net). The vendors, Fortius Funds Management Limited and BlackRock Investment Management (Australia) Limited, purchased the property in 2015 for just over $81.5 million and spent in excess of $5 million refurbishing the 16-storey office building. Justin Bond and Ben McGrath negotiated the sale in conjunction with Flint Davidson and Tom Phipps of CBRE Brisbane.
- 288 Edward Street was bought for $113.415 million (cd 07.01.2019, td 28.02.2019) by Marquette Investment Managers Pty Ltd as trustee for HMQ Trust. The sale represented an initial yield of 6.87% on a passing income of $7,791,611 (net). Luke Billiau and Seb Turnbull of JLL Brisbane negotiated the sale, which represented an initial yield of 6.87% on a passing income of $7,791,611 (net). The 28-storey office building was last purchased in 1993 for $27 million.
- Two trusts managed by ARA Asset Management Limited have purchased 133 Mary Street for $96,580,921.20 (td 28.02.2019). The sale, which was also negotiated by Luke Billiau and Seb Turnbull of JLL Brisbane, represented an initial yield of 3.63% on a passing income of $3,505,887 (net). ARA Asset Management is a real estate fund manager which was established in 2002.
Properties currently listed for sale include:
- TSWG House, 116-124 Adelaide Street
A 16-storey, 6,869 sqm office building which was refurbished in 2018; agent, Colliers International (Samuel Biggins and Tony Wang).
- 124 Albert Street
A three-storey, 2,335 sqm building with restaurant space at ground level and mixed-use space on the upper levels; agent, CBRE Hotels (Paul Fraser).
- 240 Margaret Street
A six-storey, 3,525 sqm office building. For sale by expressions of interest; agent, Knight Frank Brisbane (Justin Bond and Ben McGrath).
Properties currently under contract (conditional or unconditional) include:
- The Pavilion, 126-130 Queen Street
A three-storey, 3,771 sqm retail and office building. Under contract; agent, JLL Brisbane (Sam Hatcher, Seb Turnbull, Jacob Swan and Luke Billiau). The property was advertised with an estimated fully leased income of $4,458,169 per annum net.
- 280 Elizabeth Street
A nine-level, 10,600 sqm office building purpose built in 1963 and utilized as a telephone exchange. Due diligence is being conducted; agent, Knight Frank Brisbane (Justin Bond and Matt Barker).
- Level 3, Solace Financial House, 97 Creek Street
A 639 sqm strata titled unit, comprising the entire first floor (known as level 3). Under contract unconditionally; agent, Colliers International Brisbane (Tony Wang and Andrea Cano).