The latest research from Brisbane Fringe Cityscope shows property sale figures have significantly dropped in the past three months. 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.
In comparison, the last three months to the beginning of February 2019 recorded 28 sales for a total of $601.9 million, $576.9 million for commercial, $7.2 million for commercial strata, $3.6 million for retail, $2.7 million for retail strata and $11.5 million for other.
The 12 months leading up to early May 2019 recorded 110 sales for a total of $1.233 billion, more than $460 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 $37 million, these sales include:
- The Austral Motors Complex at 80 McLachlan Street, Fortitude Valley
Sold for $27.72 million (td 01.05.2019) to Yield Plus Infrastructure Fund No. 2. Yield Plus Infrastructure Fund No. 2 (YPI 2) was launched in July 2016 and is managed by investment fund manager, EG Funds Management Pty Limited. Seb Turnbull of JLL Brisbane negotiated the off-market sale, which represented an initial yield of 4.7% on a passing income of $1,302,840 (net). The vendor purchased the site in 2016 for $22.2 million.
- City Backpackers along Upper Roma Street has been purchased for $6 million (cd 05.02.2019, td 25.03.2019) by Rebecca and Sander Kamman. City Backpackers is a four-level building on a sloping site. It includes a reception, self-catering facilities, recreational areas, a swimming pool and a bar.
- Unit 9 and Unit 10, 5 Gardner Close, Milton
A 385 sqm office and a 403 sqm office, both on level 1. Bought together for $4.05 million (td 30.04.2019). Jeremy Conybeare and Huw Feeney of FAL Property Group negotiated the sale.
Properties for sale include:
- 743 Ann Street, Fortitude Valley
A three-storey, strata titled building with retail space on the ground floor and two levels of offices above. For sale by expressions of interest, closing May 23, 2019; agents, JLL Brisbane (Sam Byrne and Tim Jones). The property was advertised with an income of $133,000 per annum.
- 157 Leichhardt Street, Spring Hill
A two-storey, 2,546 sqm office building with basement car parking. For sale by offers to purchase; agent, Cushman & Wakefield Brisbane (Michael Gard, Nick Spiro and Glen Wright).
- 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:
- International Hotel, 525 Boundary Street, Spring Hill
A two-storey hotel and associated car parking. Under contract unconditionally with settlement expected August 2019; agent, CBRE Brisbane (Darren Collins and Tom O’Driscoll) and CBRE Hotels (Paul Fraser).
- 8 Gardner Close, Milton
A five-storey, 4,271 sqm office building. Due diligence is being conducted; agents, Knight Frank Brisbane (Matt Barker, Justin Bond and Christian Sandstrom) and Cushman & Wakefield Brisbane (Glen Wright and Nick Spiro).
- 375 Wickham Terrace and 21 Lilley Street
A two-storey, 1,840 sqm office building and associated car parking. Under conditional contract in May 2019; agent, JLL Brisbane (Sam Byrne, Tim Jones and Seb Turnbull). The owner has Council approval to close off part of the laneway which separates the properties, in order to amalgamate the sites.