Commercial Market Update - Brisbane South Cityscope
The latest research from Brisbane South Cityscope shows property sale numbers and figures increased over the past three months. The last three months to the end of November 2017 recorded 20 sales for a total of over $137.4 million; with $97.4 million for commercial, $3.3 million for commercial strata, $21.7 million for retail, $2.7 million for retail strata and $12.3 million for other.
In comparison, the three months to the end of August 2017 recorded 9 sales for a total of over $30.4 million; with $17.8 million for commercial, $1.7 million for commercial strata, $9.4 million for retail and $1.6 million for retail strata.
The 12 months leading up to the end of November 2017 recorded 52 sales for a total of over $314 million, over $27 million lower than the recorded figure for the same time period the year before.
The table below shows sales recorded for the past eight updates of Brisbane South Cityscope.
The most significant sales, all in South Brisbane, recorded this quarter together totalled over $102 million.
- AMP Capital’s Wholesale Australian Property Fund has purchased the leasehold of a 15-storey office building at 199 Grey Street, South Brisbane for $92.6 million. Anthony Ott of Savills Brisbane negotiated the sale of the building which has around 11,000 sqm of office space and 800 sqm of retail space. Wholesale Australian Property Fund is an unlisted open-ended fund which was established in March 1985. The fund is managed by AMP Capital Investors Ltd.
- A Hong Kong based investor purchased 123 Melbourne Street, South Brisbane at auction on October 19 for just over $6 million. The sale represented an initial yield of 4.66% on a passing income of $280,000 (net). 123 Melbourne Street is mainly a single-storey, brick building with a partial first floor to the rear; it has been recently refurbished for use by the Commonwealth Bank. Michael Hedger, Millian Narsey and Kevin Tong of CBRE Brisbane negotiated the sale in conjunction with David Ingram and Pat Kelly of Burgess Rawson Brisbane.
- A two-storey, retail and office building at 132-134 Merivale Street, South Brisbane was sold to Project Opera Pty Ltd for $4.25 million. The property includes six car parks to the street and is tenanted by Executive Chef – Chef & Cooks Emporium.
Properties listed for sale include:
- 11 Kurilpa Street, West End– a high-clearance warehouse with office space to the front over the ground and mezzanine levels. For sale with an asking price of $1.5 million; agent, Elders Commercial Brisbane (Robert Koster and Ben Hackett).
- 20 Bank street, West End – a two-storey office/warehouse with roller door access to the rear warehouse. For sale with an asking price of $3.35 million; agent, C Property Qld (Carl Charalambous).
- Unit 40, Zen Residences, 11 Manning Street, South Brisbane – a 74 sqm office on the ground floor, including a 16 sqm patio. For sale with an asking price of $499,000; agent, First National Commercial (Anthony Conias).
Currently under contract (conditional or unconditional):
- Unit 6, Montague Chase 6, 15-19 Musgrave Street, West End – a 249 sqm unit with ground floor and mezzanine level space. Under conditional contract; agent, Ray White Industrial Milton (Aron Burtenshaw).
- 117 Victoria Street, West End - a two-storey office building to the west and a high-clearance warehouse to the east. Under contract unconditionally; agent, Cushman & Wakefield Brisbane (Andrew Gard and Nick Spiro).
Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope. Subscribe to the free Commercial Pulse eNewsletter Get the latest commercial news and sales data each week from our CoreLogic Commercial Pulse! Click here to subscribe