The latest research from Brisbane South Cityscope shows property sale figures have decreased in the past three months and sales numbers have slightly increased. The last three months to the end of August 2021 recorded 14 sales for a total of over $50.8 million; with $26.3 million for commercial, $1.5 million for commercial strata, $13 million for retail, $1.7 million for retail strata and $8.3 million for other.

In comparison, the three months to the end of May 2021 recorded 12 sales for a total of over $57.9 million; with $35.5 million for commercial, $3.8 million for commercial strata, $1 million for retail strata and $18.4 million for other.

The 12 months leading up to the end of August 2021 recorded 37 sales for a total of over $135.1 million, over $31.1 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:

A 2,908 sqm retail/office building at 33 Vulture Street, West End has been bought for $14.5 million by 33 Vulture Street Pty Ltd as trustee for Vulture Street Unit Trust. Sam Byrne and Tim Jones of JLL Brisbane negotiated the sale, which represented an initial yield of 6.87% on passing income of $829,400. The property last traded for $3.45 million in 2005.
The most significant sales recorded this quarter together totalled just over $31.7 million

A three-level showroom building at 66 Merivale Street, South Brisbane has been purchased for $13 million by Advanced Bars Pty Ltd as trustee for Merrivale Properties Unit Trust. The building includes lower ground car parking for 40 vehicles and two levels of office space above.

19 Merivale Street, South Brisbane was sold by from Anna and Kostas Raftopoulos for $4.2 million to 19 Merivale Street Pty Ltd, a company associated with Tim Forrester, the founder and managing director of ARIA Property Group. ARIA Property Group is a privately owned development company which was founded in 2003.

Some current properties listed for sale include:

  • 55 Russell Street, South Brisbane – a 4,081 sqm, three-storey office building with on site car parking for 50 vehicles. For sale by expressions of interest, closing September 16, 2021; agent, Cushman & Wakefield Brisbane (Mike Walsh, Peter Court and Fred LeFanue). The property was advertised with fully leased income of $1,735,198 pa.
  • 310 Montague Road, West End – a high-clearance warehouse with office/showroom space to the front over the ground and mezzanine levels. The building has a net lettable area of 783 sqm. For sale by expressions of interest; agent, Elders Commercial Brisbane (Ben Hackett and Robert Koster).
  • 161 Boundary Street, West End – a 390 sqm, two-storey retail and office building. For sale with an asking price of $3 million; agent, Ray White Commercial Brisbane (Sam Parker).

Properties currently under contract (conditional or unconditional) include:

  • 2 Cordelia Street, South Brisbane – a high-clearance warehouse with office space to the western end and lower ground car parking. The property has a gross floor area of 1,731 sqm. Under contract; agent, Cushman & Wakefield (Michael Gard and Andrew Gard).
  • 294 Montague Road and 296 Montague Road, West End. Two commercial buildings with a combined land area of 1,366 sqm. Under contract; agent, Cushman & Wakefield Brisbane (Nick Spiro and Andrew Gard). The properties were advertised with a holding income of $200,000 pa.
  • Unit 1, Arena, 9 Edmondstone Street, South Brisbane – a 227 sqm (1,226 cubic metre) commercial unit on the ground floor to Edmondstone Street and a car park in basement level 1 (14 sqm; 39 cubic metres). Total unit area, 241 sqm (1,265 cubic metres). Under offer; agent, First National Commercial (George Koukides).
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