The latest research from Brisbane Fringe Cityscope shows property sale numbers have remained steady but sales figures have decreased in the past three months. The last three months to the beginning of August 2020 recorded 12 sales for a total of $40.8 million, with $26.9 million for commercial, $3 million for commercial strata, $4 million for retail strata and $3.9 million for other.
In comparison, the last three months to the beginning of May 2020 recorded 12 sales for a total of $69.5 million, with $60 million for commercial, $2 million for commercial strata, $2.5 million for retail strata and $3.9 million for other.
The 12 months leading up to early August 2020 recorded 56 sales for a total of $382.4 million, more than $896 million less 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 $28 million, these sales include:
Humanity Place in Milton has been sold for $13 million to De Luca Corporation Pty Ltd and Nicale Investments Pty Ltd as trustee for The Nicholas De Luca Unit Trust. Humanity Place is a three-storey, 2,638 sqm office building with car parking for 57 vehicles. As part of the purchase the Red Cross committed to leasing 60% of the building for an initial five-year term. Hunter Higgins, Nick Wedge and Guy Wells from Colliers International Brisbane negotiated the sale, together with Christian Sandstrom and Blake Goddard of Knight Frank Brisbane.
A two-storey, office building at 342 Wickham Street was bought for $11.5 million by N G P Investments (No 2) Pty Ltd, a company ultimately associated with New South Wales based, Nicholas Politis, Anthony Politis and Erin Booker. The property is leased by The Buchan Group Australia until November 2024.
38 Cribb Street in Milton, a 1,080 sqm, high-clearance workshop with mezzanine level has been sold for $3.5 million to Clare Cribb Pty Ltd. The company also purchased the workshop/warehouses on the adjoining site at 32 Cribb Street in 2019 for $10.5 million.
Properties for sale include:
- 10 Camford Street, Milton– a two-storey, 1,067 sqm office and showroom building. For sale by offers to purchase; agent, Colliers International Brisbane (Nick Wedge and Hunter Higgins). The property was advertised fully leased with a net income of around $254,898 per annum.
- Engineering House, 447 Upper Edward Street, Spring Hill – a 1,141 sqm, four-storey office building. For sale by expressions of interest; agent, JLL Brisbane (Sam Byrne and Tim Jones).
- 37 Baxter Street, Fortitude Valley – a two-storey, 552 sqm office building; completed in 2008. For sale with an asking price of $1.825 million; agent, C Property Qld (Carl Charalambous).
Properties under contract (conditional or unconditional) include:
- 17 Cribb Street, Milton – a two-storey, mixed-use, 524 sqm building and associated car parking. Under contract with settlement expected October 30, 2020; agent, McGees Property (Gavin Moore and Stuart Mcreight). The property was advertised with fully leased net income of $202,532.
- 440 Upper Edward Street, Spring Hill - a 304 sqm vacant block of land. Under contract; agent, First National Commercial (Vicky Chen).
- Dorchester Inn, 484 Upper Edward Street, Spring Hill – a two-storey block of self-contained holiday units. Under contract for $1.85 million; agents, Ray White Commercial Brisbane (John Dwyer and Jason Hines) and HTL Property (Glenn Price).