The latest research from Brisbane Fringe Cityscope shows property sale numbers have remained steady but sales figures have increased in the past three months. The last three months to the beginning of February 2020 recorded 15 sales for a total of $216.5 million, with $194.7 million for commercial, $3.8 million for commercial strata, $6.5 million for retail, $100,000 for retail strata and $10.5 million for other.
In comparison, the last three months to the beginning of November 2019 recorded 17 sales for a total of $55.5 million, with $4.3 million for commercial, $3.7 million for commercial strata, $5 million for retail, $200,000 for retail strata and $42.4 million for other.
The 12 months leading up to early February 2020 recorded 70 sales for a total of $536.1 million, more than $693.2 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 $189 million, these sales include:
An 11-storey office building at 757 Ann Street, Fortitude Valley has been sold for around $94 million on an initial yield of 6.6%; settlement is expected in April 2020. The 9,422 sqm building includes ground floor retail space, nine levels of office space, a rooftop bar and car parking for 48 vehicles. The sale was negotiated by Mike Walsh and Peter Court of Cushman & Wakefield Brisbane. It last traded for $65.5 million in 2014.
19 Lang Parade, Milton, comprising two office buildings, has been sold off-market for $85.2 million to Nikos Property Group Pty Ltd. The site includes a two-storey building, known as Terrace Suites, which was was built prior to 1990 and sits behind a seven-storey commercial building which was built in 2009 and extended by one floor in 2011. Together the buildings have a gross floor area of 31,567 sqm. Mike Walsh and Peter Court of Cushman & Wakefield Brisbane negotiated the sale which represented an initial yield of 8.35% on a passing income of $7,114,200 (net).
Three warehouse/workshop buildings with frontages to Crombie Street, Cribb Street and McDougall Street were sold together for $10.5 million to Clare Cribb Pty Ltd. The three buildings are comprised of a two-level, 2,514 sqm building, a 565 sqm workshop/warehouse building to Crombie Street and a 723 sqm workshop/warehouse building to the corner of Cribb and Crombie Streets. Andrew Gard and Michael Nick Spiro of Cushman & Wakefield Brisbane negotiated the sale. The property last traded for just over $13.7 million in 2015.
Properties for sale include:
- Vaya Place, 451 St Pauls Terrace, Fortitude Valley – a six-storey, 1,553 sqm office building with a ground floor cafe. For sale by offers to purchase; agent, Cushman & Wakefield Brisbane (Michael Gard and Andrew Gard).
- 107 Warry Street, Fortitude Valley – a two-storey, 279 sqm building used commercially. For sale by expressions of interest; agent, Cushman & Wakefield Brisbane (Sam Callanan and Michael Gard).
- 16 Julia Street, Fortitude Valley – a two-storey, 424 sqm office building with basement car parking for eight vehicles. For sale by expressions of interest; agent, Elders Commercial Brisbane (Clinton Mallan and Jordan George).
- The Dorchester Inn, 484 Upper Edward Street, Spring Hill – a two-storey building with 12 self-contained units, laundry facilities and car parking for 10 vehicles. For sale by offers to purchase; agents, Ray White Commercial Brisbane (John Dwyer and Jason Hines) and HTL Property (Glenn Price).
Properties under contract (conditional or unconditional) include:
- Humanity Place, 49 Park Road, Milton – a three-storey, 2,638 sqm office building with car parking for 57 vehicles. Under contract unconditionally with settlement expected May 2020; agents, Colliers International (Hunter Higgins, Nick Wedge and Guy Wells) and Knight Frank Brisbane (Blake Goddard and Christian Sandstrom).
- Industry House, 375 Wickham Terrace and an adjoining car park at 21 Lilley Street, Spring Hill – a two-storey, 1,840 sqm office building and an adjoining paved car park. Under conditional contract; agent, JILL Brisbane (Sam Bryne, Tim Jones and Seb Turnbull).