The latest research from Brisbane South Cityscope shows property sale figures have remained steady in the past three months. The last three months to the end of August 2019 recorded 6 sales for a total of over $50.7 million; with $2 million for commercial, $44.7 million for commercial strata and $4.1 million for retail strata.
In comparison, the three months to the end of May 2019 recorded 2 sales for a total of over $2.4 million; with $900,000 for commercial strata and $1.5 million for retail.
The 12 months leading up to the end of August 2019 recorded 30 sales for a total of over $134.9 million, over $84.1 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 recorded this quarter together totalled over $48 million.
The leasehold ownership of a four-storey office building adjoining South Bank Parklands has been bought for $44.65 million by MHPHA Grey Street Pty Limited. The sale of 164 Grey Street was negotiated by Luke Billiau and Seb Turnbull of JLL Brisbane and represented an initial yield of 4.92% on a passing income of $2,196,780 (net). A refurbishment of the 3,142 sqm building was completed in 2018. Key tenants include Queensland X-Ray, the Commonwealth Bank, Bell Advisory, Depth Industries and Bridj.
139 Melbourne Street, South Brisbane was recently sold for $1.95 million to A Perdis Pty Ltd, a company owned and directed by Andrea Perdis of Queensland. The single-storey, raised building is heritage listed and was constructed in 1910. The property last sold for $670,000 in 2002.
The ground floor retail space of Gardens Riverside in West End has been sold for $1.85 million. The sale was negotiated by Sam Byrne and Andrew Havig of JLL Brisbane. It represented an initial yield of 7.6% on a passing income of around $140,600 (net). The volumetric lot is made up of three separate tenancies (35 sqm, 53 sqm and 144 sqm) which are tenanted by Table 26 Restaurant, Night Owl and a JLL Sales and Rental Office.
Properties listed for sale include:
- 91 Montague Road, South Brisbane
A large, high-clearance warehouse with an office/showroom component. For sale by expressions of interest, closing September 26, 2019; agent, JLL Brisbane (Elliott O’Shea, Tim Jones and Seb Turnbull). The property has not been offered to the market in over 27 years.
- 70 Merivale Street, South Brisbane
A two-storey, brick, 675 sqm office building with car parking for four vehicles to the street. For sale by expressions of interest, closing September 24, 2019; agent, JLL Brisbane (Tim Jones and Elliott O’Shea). The property has not been offered to the market in over 30 years.
- 7 Donkin Street, West End
A two-storey, 958 sqm office building with car parking for 24 vehicles. For sale by private treaty; agent, Ray White Commercial Brisbane (John Dwyer and Jason Hines).