The latest research from Brisbane Fringe Cityscope shows property sale numbers and figures have decreased slightly in the past three months. 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. In comparison, the last three months to the beginning of February 2017 recorded 37 sales for a total of $313.1 million, with $239.9 million for commercial, $3.3 million for commercial strata, $3.5 million for retail, $7.1 million for retail strata and $59.4 million for other.
The 12 months leading up to early May 2017 recorded 116 sales for a total of more than $899.7 million, over $9 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 $262 million, these sales include:
- Green Square South Tower in Fortitude Valley was purchased for $205.5 million by Eureka GSST Pty Limited on behalf of The Korea Teacher Pension Fund. The four-storey office tower has 17,252 sqm of office space and 361 sqm of ground floor retail space. Tom Barr, Don MacKenzie and John Marasco of Colliers International negotiated the sale.
- The short term accommodation, reception and commercial office space at The Johnston Hotel and Apartments on Boundary Street in Spring Hill has sold for $28.8 million to ZWW Pty Ltd as trustee for the ZWW Unit Trust.
- Two lots which make up the four-storey office building at 100 McLachlan Street, Fortitude Valley have been bought over two transactions for a combined total of $28.4 million. The sale of the two lots (lot 14 and lot 15) to 100M Property Pty Ltd represented an initial yield of 6% on a passing income of $1.7 million. Nick Spiro of Cushman and Wakefield negotiated the sale.
Properties for sale include:
- 63 Amelia Street, Fortitude Valley – a two-storey office/warehouse building with car parking for six vehicles. Building area, 548 sqm. For sale by expressions of interest closing May 17, 2017; agent, Cushman & Wakefield Brisbane (Sam Callanan and Michael Gard).
- The Royal George Hotel, 327 Brunswick Street, Fortitude Valley – a three-storey hotel with a two-storey annex. For sale by expressions of interest, closing May 10, 2017; agents, JLL Hotels & Hospitality Group (John Musca) and Power Jeffrey & Co (Robert Hunter).
- 252 St Pauls Terrace, Fortitude Valley – a four-storey educational building occupied by Kaplan Professional Educational. For sale by expressions of interest, closing May 25, 2017; 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).
Properties under contract (conditional or unconditional) include:
- 12 Cribb Street, Milton – a five-storey office building with basement car parking. Under conditional contract, details undisclosed; agents, Savills Brisbane (Peter Chapple and Nick Russell) and JLL Brisbane (Christian Sandstrom and Sam Bryne). The property was initially advertised with an approximate fully leased income of over $1.55 million net (as at December 1, 2016)
- Unit 4, Bell’s Square, 50 Anderson Street, Fortitude Valley – an 88 sqm commercial unit fronting Anderson Street. Under contract, details undisclosed; agent, Ray White Commercial Brisbane (Nick Wedge).
- Lot 11, Alexandra House, 201 Wickham Terrace – a 28.5 sqm unit on the ground floor. Under conditional contract; agent, Blocksidge & Ferguson (Tom Chan).