The latest research from Brisbane Fringe Cityscope shows property sale numbers have slightly increased in the past three months and sales figures have significantly increased. The last three months to the beginning of November 2017 recorded 34 sales for a total of $345.7 million, with $301 million for commercial, $11 million for commercial strata, $1.5 million for retail strata and $32.2 million for other.
In comparison, 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.
The 12 months leading up to early November 2017 recorded 118 sales for a total of more than $1 billion, over $273 million more 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 $249 million, these sales include:
- HQ South Tower at 520 Wickham Street, Fortitude Valley was bought for just over $119 million by the M&G Asia Property Fund. The sale represented an initial yield of 5.56% on a passing income of $6,623,747 (net). HQ South Tower is a nine-storey office building with around 14,669 sqm of space including 1,500 sqm of retail space. Justin Bond, Ben McGrath and Neil Brookes of Knight Frank negotiated the sale in conjunction with Anthony Ott and Peter Chapple of Savills Brisbane.
- A 14-storey office building at 100 Wickham Street, Fortitude Valley was sold in September 2017 for more than $83.8 million to the Ascendas Business Park Trust No 1. The sale represented an initial yield of 7.6% on a passing income of $6,370,647 (net). Geoff McIntyre and Ben McGrath of JLL Brisbane sold the property in conjunction with Justin Bond and David Fowler of Knight Frank Brisbane.
- The two-storey Waterloo Hotel and adjoining six-storey office tower, together known as Waterloo Junction Stage 1, have been sold $47 million to CBI Commercial Road Pty Ltd on behalf of The King Road Park Trust. The sale represented an initial yield of 7.77% on a passing income of $3,651,900 (net). Seb Turnbull and Luke Billiau of JLL Brisbane sold the site in conjunction with Thomas Gleeson of JLL Hotels & Hospitality Group.
Properties for sale include:
- 70 Robertson Street, Fortitude Valley – a single-storey warehouse with a two-storey office section. Scheduled for auction on November 29, 2017; agent, Chase Commercial (Joshua Peake and Rod Brown). The property was advertised with an income of around $25,000 per annum (net).
- 252 St Pauls Terrace, Fortitude Valley – a four-storey educational building. For sale by expressions of interest; agent, CBRE Brisbane (Darren Collins and Tom O’Driscoll). The property was advertised with an estimated fully leased income of $2 million per annum (net).
- 36 Little Edward Street, Spring Hill – a single-storey weatherboard house, used commercially. For sale with an asking price of $2 million; agent, Savills Brisbane (Gregory Woods and Robert Dunne).
Properties under contract (conditional or unconditional) include:
- 100 Brunswick Street, Fortitude Valley – a two-storey office building with a net lettable area of 1,050 sqm. Under conditional contract; agent, Ray White Commercial TradeCoast (Jared Doyle and Jack Gwyn).
- Unit 32, Savoir Faire, 20 Park Road, Milton – a 391 sqm office unit over two floors. Under conditional contact; agent, Cushman & Wakefield Brisbane (Michael Gard and Mark Dann).
- Unit 16, Portman Place, 8 Mein Street, Spring Hill – a 159 sqm unit on the upper ground floor to Mein Street. Under contract unconditionally; agent, Knight Frank (Matthew Maranta). The unit was advertised with net income of $51,782 pa.