The latest research from Brisbane Cityscope shows property sale numbers and figures have increased in the past three months. The last three months to the beginning of November 2020 recorded 11 sales for a total of $159.7 million, with $54 million for commercial, $7.3 million for commercial strata, $87 million for retail, $1.9 million for retail strata and $9.5 million for other.
In comparison, the last three months to the beginning of August 2020 recorded 8 sales for a total of $20.5 million, with $9.8 million for commercial strata, $9.5 million for retail and $1.1 million for retail strata.
The 12 months leading up to the beginning of November 2020 recorded 67 sales for a total of over $1.47 billion, more than $1.22 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:
Dexus Property Group have purchased 151 Edward Street, 171 Edward Street and 211 Elizabeth Street for a total of $87 million on a yield of around 5%. The properties comprise two, two-storey retail/office buildings of 632 sqm and 723 sqm and a laneway which has recently been refurbished for cafe, bar and dining use. Justin Bond of Knight Frank Brisbane negotiated the sale.
102 Adelaide Street and 388 Queen Street have both been transferred, on the same day, in related party transactions to Focheong Pty Ltd. The 10-storey office building at 102 Adelaide Street was transferred for $37 million and the 14-storey office building at 388 Queen Street was transferred for $17 million.
Thallon House on Edward Street has been sold for $6.5 million to George and Nick Vasili as trustees for the 70-82 Marple Avenue Trust. The sale of the four-storey, 1,063 sqm office building was negotiated by Jack Morrison and Andrew Adnam of CBRE Brisbane. The property last sold for $5.2 million to Railway & Transport Health Fund Ltd.
Properties currently listed for sale include:
- 331 George Street, a 900 sqm, three-storey plus basement building. For sale with an asking price around $8,500,000 being considered; agent, Colliers International Brisbane (Hunter Higgins and Tom O'Driscoll). The property was advertised with net passing income of $488,515.
- 450 George Street, a 491 sqm, two-storey retail and office building. For sale with an asking price of just over $10,000,000; agent, Colliers International Brisbane (Hunter Higgins and Tom O'Driscoll). The property was advertised with net passing income $105,581.
- 376 George Street, a 1,040 sqm, five-storey office building with ground floor retail space. For sale with an asking price of $9,000,000; agent, Colliers International Brisbane (Hunter Higgins and Tom O'Driscoll). The property was advertised with net passing income of $386,875.
Properties currently under contract (conditional or unconditional) include:
- 33 Herschel Street – a three-storey, 1,749 sqm educational building. Under contract; agent, JLL Brisbane (Elliott O’Shea and Seb Turnbull).
- William Jolly Place, 309 North Quay – a group of office/warehouse buildings ranging in height from two to four storeys. The property includes 42 car parks and has a total building area of 14,049 sqm. Under contract with settlement expected 2021; agents, Knight Frank Brisbane (Justin Bond) and Colliers International Brisbane (Jason Lynch and Don MacKenzie).