The latest research from Brisbane Cityscope shows property sale numbers have remained steady in the past three months but sales figures have significantly risen. The last three months to the beginning of November 2019 recorded 16 sales for a total of just over $1.411 billion, with $1.290 billion for commercial, $6 million for commercial strata, $106.6 million for retail, $600,000 for retail strata and $2.2 million for other.

In comparison, the last three months to the beginning of August 2019 recorded 14 sales for a total of $358 million, with $129.3 million for commercial, $4.1 million for commercial strata, $1.3 million for retail strata and $223.2 million for other.

The 12 months leading up to the beginning of November 2019 recorded 53 sales for a total of over $2.699 billion, more than $577.1 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 34-sorey commercial building at 400 George Street has been bought for $524.74 million by Cromwell Property Group. Bruce Baker, Flint Davidson, Tom Phipps and Phomas Gnieser of CBRE Brisbane negotiated the sale in conjunction with Seb Turnbull, Rob Sewell and Stuart McCann of JLL Brisbane. The sale represented an initial yield of 5.95% on a passing income of $31,222,625 (net). Cromwell Property Group is listed on the Australian Securities Exchange. Shares in Cromwell Corporation Ltd are stapled to units in Cromwell Diversified Property Trust and the combined securities are listed on the Australian Securities Exchange as Cromwell Property Group.

Part of a portfolio owned by Oxford Investa Property Partners has been sold to a subsidiary of specialised real estate investment and advisory group, Ashe Morgan. The Complex, comprising three commercial office buildings at 295 Ann Street, 232 Adelaide Street and 140 Creek Street, together with the state leasehold over the adjoining walkway/overpass, were purchased for a total of $407,513,051. The sale represented an initial yield of 6.4% on passing income of around $26,080,835 and was negotiated by agents from Cushman & Wakefield, CBRE, Savills and Colliers International.

An additional two commercial buildings in the Oxford Investa Property Partners portfolio were also sold for $213,067,851 to Proprium Capital Partners (Australia) Pty Ltd. The two towers at 15 Adelaide Street and 239 George Street, 20-storey and 33-storey respectively, were last purchased together in 1998 for $79 million. Together they have a net lettable area of around 35,798 sqm.

Properties currently listed for sale include:

  • 247 Adelaide Street
    A seven-storey, 3,012 sqm office building, formerly known as Qantas House. For sale by expressions of interest; agent, Colliers International (Tony Wang and Samuel Biggins). The property was advertised with an estimated fully leased net income of $1,285,000 per annum.
  • Level 9, 371 Queen Street
    A 254 sqm office comprising the entire ninth floor of an 11-storey office building. For sale by expressions of interest, closing November 27, 2019; agent, Colliers International Brisbane (Tony Wang and Nick Wedge). The unit was advertised with a net income of $98,000 pa.
  • Level 3, 344 Queen Street
    A 518 sqm office comprising the entire third floor of a 21-storey office building. For sale with an asking price of $2.25 million; agent, Chesterton International (Warren Jopson).


Properties currently under contract (conditional or unconditional) include:

  • 200 Adelaide Street
    A seven-storey, 6,070 sqm office building with ground floor retail space, including a cafe. HUB Australia have a 10-year lease plus options over three floors. Under contract to Elanor Commercial Property Fund; agent, JLL Brisbane (Seb Turnbull). The property was advertised with a fully leased income of $3,263,922 per annum net (as at 31 May 2019).
  • 348 Edward Street
    A 16-storey, 11,211 sqm office building with basement car parking for 106 vehicles. Under contract for $89 million to Centuria Property Funds No.2 Limited as trustee for the Centuria 348 Edward Street Fund; agents, CBRE Brisbane (Flint Davidson, Adelaide O’Brien, Tom Phipps and Marc Giuffrida) and JLL Brisbane (Seb Turnbull and Stuart McCann). The property was advertised with a net passing income of $4,797,627 (as at December 1, 2019).