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 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 $4 million for other.
In comparison, 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.
The 12 months leading up to early May 2020 recorded 62 sales for a total of $538.7 million, more than $696.7 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 $63 million, these sales include:
Terrace Office Park, comprising two, four-storey office buildings, has been sold by Kingsford Development Australia Pty Ltd for $34 million. The 7,404 sqm development includes basement car parking for 178 vehicles and is expecting completion of a refurbishment in early 2020. Refurbishment work includes an upgrades to the facade, landscaping, communal breakout area, end of trip facilities, lobbies, amenities and lifts.
Two, four-storey office buildings in Milton have been sold together for $26 million to W159Corro Pty Ltd as trustee for the 159 Coronation Unit Trust. The buildings at 5 Cribb Street and 159 Coronation Drive were developed together in 1984 and share two levels of basement car parking for 120 vehicles. The two properties last traded together for $20 million in 2009.
A 665 sqm strata titled office on level 3 at Mosaic has been bought for $3.7 million by Tamala Management Pty Ltd as trustee. Robert Dunne and Will Carman of Savills Brisbane negotiated the sale, which represented an initial yield of 8.38% on a passing income of $309,981 net. The unit is occupied by advisory firm, Shelleman Tom.
Properties for sale include:
- 273 Water Street, Fortitude Valley – a two-storey, 157 sqm former house, used commercially. For sale with offers over $1.3 million being considered; agent, Ray White Paddington (Angela Mastrapostolos).
- Amelia Hotel, 33 Amelia Street, Fortitude Valley – a two-storey hotel with a ground floor cafe. For sale by expressions of interest; agent, Resort Brokers Australia (Nathan Eades).
- 37 Baxter Street, Fortitude Valley – a two-storey, 552 sqm office building; completed in 2008. For sale with an asking price of $2.1 million; agent, C Property Qld (Carl Charalambous).
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).