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 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.
In comparison, the last three months to the beginning of February 2020 recorded 38 sales for a total of $819.4 million, with $672.9 million for commercial, $35.5 million for commercial strata, $7.8 million for retail strata and $103.1 million for other.
The 12 months leading up to the beginning of May 2020 recorded 78 sales for a total of over $3.06 billion, more than $534.8 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 25-storey office building at 66 Eagle Street, also known as Central Plaza Two, has been sold following an expressions of interest campaign which closed late last year. The property was sold for $365,721,047.50 to Deka Australia Management One Pty Ltd. The sale represented an initial yield of 5.52% on a passing income of $20,200,000 net (as at 1 November 2019). Seb Turnbull, Paul Noonan and Luke Billiau of JLL Brisbane negotiated the sale together with Josh Cullen and Richard Butler of Cushman & Wakefield Brisbane. The 31,896 sqm office building comprises four levels of basement car parking for 211 vehicles, ground, mezzanine and 23 levels of office space.
410Q at 410 Queen Street has been purchased for $53.5 million P.G.A. (Queen) Pty Ltd. The sale represented an initial yield of 5.77% on a passing income of $3,086,349 (n). The sale was negotiated by Mike Walsh and Peter Court of Cushman & Wakefield Brisbane, along with CBRE Brisbane's Tom Phipps, Peter Chapple and Jack Morrison. The 15-storey, 5,704 sqm office building last traded in 2011 for $28,824,565.
The 13-storey Charlotte Exchange building was transferred for $50,048,306 to related company, Merricks Newco Pty Ltd. A sale to Silverstone and subdivision of the property are still pending. Merricks Newco is owned by Telstra Corporation Ltd.
Properties currently listed for sale include:
- The 30-storey State Law Building, known as Gotham City locally. For sale by expressions of interest; agents, CBRE (Flint Davidson, Bruce Baker) and JLL (Seb Turnbull and Paul Noonan). The property was advertised as 100% leased.
- 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.
- 63 Adelaide Street – a three-storey, 1,266 sqm office building with ground floor retail space. For sale with an asking price of $13.5 million; agent, RE/MAX City – Brisbane (Geoff Esdale).