Brisbane led CBD office sales in 2013 financial year: Knight Frank

Brisbane led CBD office sales in 2013 financial year: Knight Frank
Property ObserverDecember 7, 2020

Brisbane led the way as the most invested office market over the past financial year, with almost $2.1 billion worth of sales, according to Knight Frank research.

This is a jump from 16% to 30% of all CBD office purchases, and was closely followed by Sydney (28%) and Melbourne (22%).

City breakdown 2013

% of total
Sydney CBD$1,930,911,27128%
Melbourne CBD$1,522,800,00022%
Brisbane CBD$2,069,220,00030%
Perth CBD$1,157,861,10416%
Adelaide CBD$261,950,0004%
Canberra CBD$14,750,0000%
Grand Total$6,957,492,375

 

 

Source: Knight Frank

This past twelve months “the Brisbane CBD recorded its highest volume of sales in five years” said managing director of capital markets, James Parry.  

"Interestingly, $1.61 billion occurred in the first half of 2013 - triple the activity which occurred in the first half of 2012."

He said the other resource rich centre, Perth, also experienced continued investment attributing to about a 16% share of total CBD sales. Primarily driving this was the $458 million sale of Raine Square, bought via a partnership between Charter Hall (CPOF), Telstra Super and PSP (Canada).

“These figures highlight that, although the underlying fundamentals of Brisbane and Perth are slowing relative to the past couple of years, investors continue to have confidence in acquiring modern, trophy assets, with the right investment characteristics such as WALE and rent guarantees over vacant space,’’ Parry said.

“Attracting over $4 billion in bids from nine parties, the Raine Square deal also reflects the pent up demand for these tightly held, trophy assets regardless of their location. This diverse group of investors, who were all chasing one asset, will be seeking to allocate this capital in other future like transactions.”

City breakdown FY2013
CBD% of total
Sydney CBD$1,930,911,27128%
Melbourne CBD$1,522,800,00022%
Brisbane CBD$2,069,220,00030%
Perth CBD$1,157,861,10416%
Adelaide CBD$261,950,0004%
Canberra CBD$14,750,0000%
Grand Total$6,957,492,375

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