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 November 2019 recorded 17 sales for a total of $55.6 million, $4.3 million for commercial, $3.9 million for commercial strata, $5 million for retail, $200,000 for retail strata and $42.4 million for other.
In comparison, 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.
The 12 months leading up to early November 2019 recorded 83 sales for a total of $921 million, more than $30 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 $34 million, these sales include:
National Storage on Dorsey Street in Milton has been sold for $20.8 million to the National Storage REIT (NSR); NSR had a 25% interest in the vendor trust. The five-level storage facility was completed in early 2019 and has a gross floor area of 3,485 sqm. NSR is an independent, internally managed owner and operator of self-storage centres and is listed on the Australian Securities Exchange. It is a stapled entity comprising units in the National Storage Property Trust (NSPT) and shares in National Storage Holdings Limited.
A 1,426 sqm vacant block of land at 32 Robertson Street, Fortitude Valley was purchased by Robertson28 Pty Ltd for $7.4 million. The property only recently received approval for an 11-storey residential building with three levels of basement car parking; a lobby, management office and a 139 sqm office on the ground floor; a 188 sqm residents' gymnasium and 227 sqm of office space on level 1 (resident use only); 89 studio, one, two and three-bedroom residential units over levels 2 to 10; and a rooftop sky terrace with a swimming pool and barbecue/dining areas. Three lifts will service the building and there will be a total of 116 car parks, 52 bicycle spaces and five motorcycle bays over three basement levels and the ground floor. Gross floor area, 4,313 sqm, including 366 sqm of commercial space.
Following an expressions of interest campaign earlier in the year, a 1,450 sqm building, which is tenanted by the Australia Institute of Fitness, was purchased for $6 million by private syndicate. The three-level building at 395 St Pauls Terrace also has frontage to Alfred Street and sold under instructions from the receivers and managers, Pearce & Heers. Tim Jones and Sam Byrne of JLL Brisbane negotiated the sale on behalf of the vendors. The sale represented an initial yield of around 8.16% on passing income of $489,469.
Properties for sale include:
- Humanity Place, 49 Park Road, Milton
A three-storey, 2,638 sqm office building with car parking for 57 vehicles. For sale by expressions of interest, closing 13 November 2019; agents, Colliers International (Hunter Higgins, Nick Wedge and Guy Wells) and Knight Frank Brisbane (Blake Goddard and Christian Sandstrom).
- 757 Ann Street, Fortitude Valley
An 11-storey, 9,422 sqm office building with car parking for 45 vehicles, ground floor retail space, nine levels of office space and a rooftop bar. For sale by expressions of interest, closing 14 November 2019; agent, Cushman & Wakefield Brisbane (Mike Walsh and Peter Court). The property was advertised with fully leased net income of $6,208,356 pa.
- 16 Julia Street, Fortitude Valley
A 424 sqm, two-storey office building with car parking for eight vehicles. For sale by expressions of interest, closing 7 November 2019; agent, Elders Commercial Brisbane (Clinton Mallan and Jordan George).
Properties under contract (conditional or unconditional) include:
- 73 Amelia Street, Fortitude Valley
A two-level, 1,581 sqm office building with car parking for 15 vehicles. The property was advertised with a fully leased net income of $634,410 per annum. Under conditional contract; agent, Knight Frank Brisbane (Blake Goddard and Matt Barker).
- 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. Under conditional contract; agents, Ray White Commercial Brisbane (John Dwyer and Jason Hines) and HTL Property (Glenn Price).
- 32 Cribb Street, Milton
Three buildings, comprising a two-level, 2514 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. Under contract unconditionally with settlement expected towards the end of the year; agent, Cushman & Wakefield Brisbane (Andrew Gard and Nick Spiro).