The latest research from Brisbane Cityscope shows in the last three months property sale numbers have significantly dropped but sales figures have increased almost two-fold. The last three months to the beginning of May 2021 recorded 3 sales for a total of $211 million, with $210 million for commercial, $300,000 for commercial strata and $700,000 for retail strata.

In comparison, the last three months to the beginning of February 2021 recorded 14 sales for a total of $123.2 million, with $82.3 million for commercial, $11 million for commercial strata, $20.5 million for retail and $9.4 million for other.

The 12 months leading up to the beginning of May 2021 recorded 36 sales for a total of over $514.3 million, more than $2.55 billion 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 most significant sales recorded this quarter were:

310 Ann Street, formerly the Suncorp Centre, was sold for $210 million to AM 310 Ann Street Investment Pty Ltd as trustee for the AM 310 Ann Street Investment Unit Trust. The 18,360 sqm office building was completely stripped and redeveloped in 2017 at a cost of around $55 million. The latest sale represented an initial yield of 5.5% on passing income of around $11.55 million and included the leasehold Transfer of Road Licence RL0/215327, Lot 1 CP AP3495. Bruce Baker, Flint Davidson and Peter Chapple of CBRE Brisbane negotiated the sale in conjunction with Paul Noonan and Seb Turnbull of JLL Brisbane.

Unit 1, 212 Margaret Street, a 46 sqm retail unit on the ground floor, was bought for $725,000 by Xingyu Han. Nick Wedge and Tony Wang of agent Colliers International Brisbane negotiated the sale, which represented an initial yield of 6.76% on passing income of $49,010. The unit last traded in 2005 for $500,000.

Unit 37, 97 Creek Street, a 55 sqm office on the eleventh floor (known as level 13), was bought for $300,000 by D & L Power Super Pty Ltd. Tom Theodore of CBRE Brisbane negotiated the sale.

Properties currently listed for sale include:

  • 299 Adelaide Street, an 11-storey, 9,010 sqm office building with a ground floor cafe and two levels of basement car parking. For sale by expressions of interest, closing May 25, 2021; agents, CBRE Brisbane (Bruce Baker and Peter Chapple), JLL Brisbane (Seb Turnbull and Paul Noonan) and JLL International (Kate Low) The property was advertised with a fully leased net income of $4,371,671 per annum.
  • Turbot House Hotel, a four-storey hotel recently rebranded from City Edge Brisbane. For sale with an asking price of $10 million; agent, RE/MAX City – Brisbane (Geoff Esdale).
  • 179 Turbot Street, a 27-storey, 24,904 sqm office building with cart parking for 185 vehicles. For sale by expressions of interest closing June 3, 2021; agents, Knight Frank Brisbane (Justin Bond) and Sydney (Ben Schubert).

Properties currently under contract (conditional or unconditional) include:

  • Two Six Two Adelaide St, a 2,314 sqm, seven-storey building with basement. Built in 2026 and refurbished numerous times over the years. Under offer; agent, CBRE (Jack Morrison, Peter Chapple and Andrew Adnam).
  • The Brisbane Club Tower, a 21-storey, 10,836 sqm office building. The leasehold is under conditional contract to CHAB Office Trust for $31.5 million and the freehold interest is under conditional contract to CHAB Office Trust for $32 million, subject to a lease back of up to five years plus options. The transactions are expected to settle simultaneously during 2021.
  • William Jolly Place, a four-storey office building at 309 North Quay with a self-storage centre to the rear. Under contract for around $65m to Charter Hall and QuadReal, with settlement expected 2021; agents, Knight Frank Brisbane (Jason Lynch and Don Mackenzie) and Colliers International Brisbane (Justin Bond).