The latest research from Brisbane South Cityscope shows property sale numbers have more than halved over the past three months. The last three months to the end of February 2017 recorded 10 sales for a total of over $106.1 million; with $71.1 million for commercial, $30.8 million for commercial strata, $400,000 for retail strata and $3.8 million for other. In comparison, the three months to the end of November 2016 recorded 21 sales for a total of over $81.9 million; with $29.9 million for commercial, $2.7 million for commercial strata, $4.7 million retail strata and $44.7 million for other.

The 12 months leading up to the end of February 2017 recorded 57 sales for a total of over $322.6 million, over $115 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 $86.8 million.

  • Dialog House, 35 Boundary Street, South Brisbane. An eight-storey office building with two levels of basement car parking. Sold for over $48.5 million  to Fife Capital. Justin Bond and Ben McGrath of Knight Frank Brisbane sold the property in conjunction with Peter Chapple and Anthony Ott of Savills Brisbane. The sale represented an initial yield of 6.99% on passing income of over $3.39 million (net).
  • Publicis-Mojo House, 164 Grey Street, South Brisbane. A four-storey building with 40-basement car parks, ground floor retail space and three levels of offices above. The leasehold was bought for $30.3 million  by Moelis Australia Asset Management Limited as trustee for the Marquette Moelis Grey St Trust. Luke Billiau and Seb Turnbull of JLL Brisbane negotiated the sale off-market. The sale represented an initial yield of 6.12% on passing income of over $1.85 million.
  • 71 Grey Street, South Brisbane. A three-storey building with ground floor car parking and two levels of offices above. Sold for $8 million  to JMC Investments & Developments Pty Ltd.

Brisbane South Cityscope Quarterly SalesProperties listed for sale include:

  • 137 Boundary Street, West End and two adjoining residential lots. The Boundary Hotel, a two-storey hotel with a bottle shop, bistro and TAB and two adjoining residential lots (not covered by Cityscoppe). For sale by expressions of interest closing March 15, 2017; agent, JLL Hotels & Hospitality Sydney (Thomas Gleeson).
  • Unit 3, 19 Musgrave Street, West End. A 250 sqm office/showroom with 192 sqm on the ground floor and a 58 sqm mezzanine level. For sale by expressions of interest; agent, King & Co Property Consultants (Robert Finlay).
  • 186 Vulture Street, South Brisbane. A single-storey building with a lower ground area. The building includes a shop to Tribune Street and a three-bedroom unit. For sale with an asking price of $2.2 million; agent, Colliers International Brisbane (Tony Huan Wing).

Currently under contract (conditional or unconditional):

  • 196 to 204 Montague Road, West End. Two, high-clearance warehouse/showroom buildings. Under contract unconditionally; agent, Cushman & Wakefield Brisbane (Andrew Gard and Nick Spiro).
  • 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).
  • Unit 13, The Plaza, 66 Manning Street, South Brisbane. A 93 sqm retail unit on the ground floor to Manning Street. Under conditional contract; agent, TCN Worldwide Real Estate (Chris Tyne and Christopher McLeod).

Commercial Research