The latest research from Brisbane Fringe Cityscope shows property sale numbers and figures have significantly increased in the past three months. The last three months to the beginning of August 2018 recorded 38 sales for a total of $155.6 million, with $26.4 million for commercial, $10.8 million for commercial strata, $96.6 million for retail, $5.8 million for retail strata and $16.1 million for other.
In comparison, the last three months to the beginning of May 2018 recorded 9 sales for a total of $62.9 million, with $7.3 million for commercial, $2.6 million for commercial strata, $1.7 million for retail strata and $51.2 million for other.
The 12 months leading up to early August 2018 recorded 125 sales for a total of $887 million than $141.2 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 $113 million, these sales include:
The Audi & Euromarque Centre on Wickham Street in Fortitude Valley has been sold for $91.2 million to DEXUS Property Group and it is understood they will put it in the DEXUS Industrial Trust. Mike Walsh, Peter Court and Tom O’Driscoll of CBRE Brisbane sold the property in conjunction with Nick Spiro and Glen Wright of Cushman & Wakefield Brisbane. The sale represented an initial yield of 5.8% on a passing income of $5,287,453 (net).
A three-storey office building at 501 Ann Street, Fortitude Valley, has been sold to All Hallows’ School Limited for $12 million (cd 04.05.2018). The building last sold for $12.4 million in 2009.
The former educational building at 252 St Pauls Terrace, Fortitude Valley has been sold for $10.5 million (cd 06.04.2018) to 252 SPT Pty Ltd as trustee for 252 Trust; agents. Hunter Higgins and Tony Wang of Colliers International negotiated the sale, which represented an initial yield of 19.5% on a passing income of $2,047,500 (net).
Properties for sale include:
- 451 St Pauls Terrace, Fortitude Valley – a six-storey, 1,553 sqm office building with under cover car parking for 10 vehicles. For sale by expressions of interest, closing September 5, 2018; agent, Cushman & Wakefield Brisbane (Andrew Gard and Michael Gard). The property was offered for sale with an annual income of $665,425 net.
- 38-40 Cribb Street, Milton - a workshop with a high ceiling and a partial mezzanine office level. For sale by offers to purchase; agent, Cushman & Wakefield (Joe Kennedy).
- 1 Gardner Close, Milton – a two-level office building above ground floor car parking. For sale by expressions of interest; agent, CBRE Brisbane (Peter Court, Mike Walsh, Tom O’Driscoll).
Properties under contract (conditional or unconditional) include:
- 345 Wickham Terrace, Spring Hill – Urban Brisbane, a 13-storey, 179 room hotel. Under contract unconditionally; agent, Colliers International Brisbane (Leo Carne and Neil Scanlan).
- 16 Marie Street, Milton – a six-storey office building with basement car parking for 52 vehicles. Due diligence is being conducted; agents, CBRE Brisbane (Peter Court, Mike Walsh) and Knight Frank Brisbane (Christian Sandstrom and Justin Bond). The property was advertised with a net income of $2,230,000 pa.
- The Limes Hotel, 142 Constance Street, Fortitude Valley – a six-storey hotel. Under contract; agent, CBRE Hotels (Paul Fraser, Wayne Bunz and Hayley Manvell).
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.