The latest research from Brisbane South Cityscope shows property sale figures have significantly increased in the past three months. The last three months to the end of February 2020 recorded 6 sales for a total of over $129.3 million; with $5.3 million for commercial strata, $600,000 for retail strata and $123m million for other.
In comparison, the three months to the end of November 2019 recorded 5 sales for a total of over $8.3 million; with $1.5 million for commercial, $600,000 for commercial strata, $1.8 million for retail strata and $4.4 million for other.
The 12 months leading up to the end of February 2020 recorded 19 sales for a total of over $190.7 million, over $44.6 million higher 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 $127 million.
Blue Sky Alternative Investments have sold Atira Student Living on Ernest Street in South Brisbane for $113,055,854 to Scape Living Australia. Blue Sky purchased the site over two separate transactions in 2015 for a total of $17.1 million. The two, 12-storey student accommodation buildings opened in February 2017 and have around 625 apartments.
Stefan Hair Fashions has sold 164 Melbourne Street, South Brisbane for $10.355 million to 164 Melbourne Street Pty Ltd. The site contains a two-storey office building to Manning Street and a three-storey art deco style building to the corner of Melbourne Street and Manning Street. The sale was negotiated by Andrew Gard and Nick Spiro of Cushman & Wakefield Brisbane and represented an initial yield of 4.25% on a passing income of $440,000 (n).
A 572 sqm unit at West End Central was bought for $3.7 million following an expressions of interest campaign which closed in late 2019. The sale of the first floor unit was negotiated by Tony Wang, Samuel Biggins and Nick Wedge of Colliers International Brisbane. The sale represented an initial yield of around 7.6% on a passing income of $281,200 (n). West End Central is a seven-storey development with commercial/retail space over the ground and first floors and six levels of apartments above.
Some current properties listed for sale include:
- 2 Cordelia Street, South Brisbane – a high-clearance warehouse building with two levels of office space to the western end and lower ground car parking. The property has approval for a 30-storey residential tower with 379 apartments. For sale by expressions of interest, closing March 11, 2020; agent, Cushman & Wakefield Brisbane (Michael Gard).
- 37 Boundary to 39 Boundary Street, South Brisbane – a three-storey office building and a three-level office building, being marketed as a 1,647 sqm development site. For sale by expressions of interest closing March 11, 2020; agent, Colliers International Brisbane (Brendan Hogan, Jason Dao and Nick Wedge).
- 63 Vulture Street, West End - a high-clearance warehouse with office/retail space to the front over the ground and mezzanine levels. Building area, 274 sqm. For sale by expressions of interest closing March 19, 2020; agent, King & Co Property Consultants (Robert Finlay).
Properties under contract (conditionally or unconditionally) include:
- 170 Melbourne Street, South Brisbane – a two-storey retail building with a high-clearance warehouse section extending to Manning Street. Gross floor area, 2,264 sqm. Under contract unconditionally; agent, Cushman & Wakefield Brisbane (Nick Spiro and Andrew Gard).
- 91 Montague Road, South Brisbane – a single-storey, 200 sqm office/showroom building with a large, high-clearance warehouse to the rear. Under conditional contract; agent, JLL Brisbane (Tim Jones, Elliott O’Shea and Seb Turnbull).
- 70 Merivale Street, South Brisbane – a two-storey, brick office building with roller door access to the rear. Net lettable area, 675 sqm. Under contract unconditionally; agent, JLL Brisbane (Tim Jones and Elliott O’Shea).