The latest research from Brisbane Fringe Cityscope shows property sale numbers have slightly increased in the past three months but sales figures have significantly decreased. The last three months to the beginning of August 2017 recorded 24 sales for a total of $41.7 million, with $29.9 million for commercial, $4.1 million for commercial strata, $3.9 million for retail, $3.7 million for retail strata and $100,000 for other.
In comparison, the last three months to the beginning of May 2017 recorded 22 sales for a total of $301.5 million, with $221.7 million for commercial, $15.7 million for commercial strata, $25.8 million for retail strata and $38.4 million for other.
The 12 months leading up to early August 2017 recorded 114 sales for a total of more than $745.1 million, over $28 million less than the same time last year.
The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:
Together the top sales recorded this quarter total over $22.15 million, these sales include:
- 12 Cribb Street in Milton was purchased for just over $12.8 million by Costi Property Investments Pty Ltd as trustee for the Reno Costi Family Trust. 12 Cribb Street is a five-storey, 3,310 sqm office building with basement car parking for 54 vehicles. The sale, which represented an initial yield of 6.78% on passing income of $873,366, was negotiated by Peter Chapple, Nick Russell and Anthony Ott of Savills Brisbane, together with Christian Sandstrom and Sam Bryne of JLL Brisbane.
- 52 Douglas Street in Milton, a modern, two-storey office building with basement car parking, was purchased in July 2017 for $6.1 million by Isenad Investments Pty Ltd. Sam Bryne and Elliott O’Shea of JLL Brisbane negotiated the sale together with Nick Spiro and Michael Gard of Cushman & Wakefield Brisbane.
- 702 Ann Street in Fortitude Valley, part of the two-level former Brisbane Mission Building, was bought for $3.25 million by 702 Ann Street Pty Ltd. The building includes four retail tenancies on the ground floor and upper level office/studio space.
Properties for sale include:
- 31 Duncan Street, Fortitude Valley - Chinatown Car Park, a shop and office complex with a four levels of office space, a five-level car parking station and restaurants to Duncan Street. For sale by expressions of interest, closing August 24, 2017; agent, JLL Brisbane (Luke Billiau and Seb Turnbull) and CBRE Brisbane (Tom Phipps and Peter Court).
- 17-19 Morgan Street, Fortitude Valley – a two-storey retail complex tenanted by Braaap Motorcycles. For sale by expressions of interest, closing August 10, 2017; agent, Colliers International Brisbane (Hunter Higgins and Samuel Biggins). The property was advertised with fully leased income of $510,000 per annum net.
- 123-127 Gotha Street, Fortitude Valley – a three-storey, 1,638 sqm office complex with basement car parking for 23 vehicles. For sale by expressions of interest, closing August 24, 2017; agent, Knight Frank Brisbane (Christian Sandstrom and Matt Barker). The property was advertised with a net income of $736,256 per annum.
Properties under contract (conditional or unconditional) include:
- HQ South Tower, 520 Wickham Street, Fortitude Valley – a nine-level office tower with ground floor retail tenancies. Under conditional contract; agents, Knight Frank Brisbane (Justin Bond and Ben McGrath) and Savills Brisbane (Anthony Ott and Peter Chapple).
- 394 Upper Roma Street, Brisbane and 49 Quay Street, Brisbane – a weatherboard, two-bedroom cottage and a two-storey, brick block of flats operated as a backpackers. Under contract conditionally; agent, Explore Property (Sean Wallis).
- 2-4 Dorsey Street, Milton – a two-storey, weatherboard building with a warehouse component. Under contract unconditionally with a long settlement period expected; agent, Blue Commercial (Tony Pagano).
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.
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