The latest research from Brisbane Fringe Cityscope shows property sale figures have increased in the past three months. The last three months to the beginning of August 2019 recorded 18 sales for a total of $197.2 million, $41.2 million for commercial, $4.1 million for commercial strata, $124.8 million for retail, $300,000 for retail strata and $26.9 million for other.
In comparison, the last three months to the beginning of May 2019 recorded 20 sales for a total of $67 million, $8.3 million for commercial, $11.7 million for commercial strata, $29.7 million for retail, $4.6 million for retail strata and $12.7 million for other.
The 12 months leading up to early August 2019 recorded 91 sales for a total of $1.27 billion, more than $388 million more than the same time last year.
The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:
Significant sales recorded this quarter total over $160 million, these sales include:
- TCB on Brunswick in Fortitude Valley has been bought for $117.5 million by AMA APAC (Qld) TCB Pty Ltd. The centre has been extensively refurbished over the last few years and comprises retail/food tenancies over the ground and first floor and upper level office space. The centre has frontages to both Brunswick Street and Duncan Street.
- 6 Gardner Close, Milton was sold for $25.23 million to Harmony Milton Pty Ltd as trustee for the Harmony Milton Unit Trust. Christian Sandstrom, Matt Barker and Justin Bond of Knight Frank Brisbane negotiated the sale in conjunction with Glen Wright and Nick Spiro of Cushman & Wakefield Brisbane. The sale represented an initial yield of 7.11% on a passing income of $1,794,621 (net). The five-storey, 4,271 sqm office building was recently refurbished and includes a ground floor cafe and car parking for 102 vehicles.
- Punthill Brisbane Apartment Hotel on Astor Terrace in Spring Hill has been bought for $17.96 million by Desin Group Australia Pty Ltd. The apartment hotel building was last purchased in 2012 for $12.5 million. It includes a Jak and Hill cafe/restaurant on the ground floor, first floor office space tenanted by Mondo Architects and around 70 apartment/hotel suites.
Properties for sale include:
- 275 Brunswick Street, Fortitude Valley
A two-storey, 330 sqm office building. Scheduled for auction on August 29, 2019; agent, McGees Property (Elliott Clarke and Justin Clarke). The property has not been listed for sale for over 20 years.
- 207 Wharf Street, Spring Hill
The former Australian Federal Police Building, a four-storey office building. For sale by offers to purchase; agents, Knight Frank Brisbane (Matt Barker and Christian Sandstrom) and Savills Brisbane (Peter Chapple and Jack Morrison).
- 39 Alfred Street, Fortitude Valley
A single-storey, 285 sqm brick building. For sale by negotiation; agent, Belle Property (Ivo Kornel).
Properties under contract (conditional or unconditional) include:
- 395 St Pauls Terrace, Fortitude Valley
A three-level building fully tenanted by Australian Institute of Fitness. Under conditional contract; agent, JLL Brisbane (Tim Jones and Sam Byrne).
- 17-19 Morgan Street, Fortitude ValleyA two-storey office building with onsite car parking for 10 vehicles. Under conditional contract; agent, JLL Brisbane (Tim Jones and Sam Byrne).
- Level 1 and level 2, 29 Amelia Street, Fortitude Valley
Two 414 sqm offices and associated car parking. Under conditional contract; agent, Colliers International Brisbane (Hunter Higgins).