Brisbane records fewer commercial deals in quarter to Feb, but value up: Cityscope

Brisbane records fewer commercial deals in quarter to Feb, but value up: Cityscope
Brisbane records fewer commercial deals in quarter to Feb, but value up: Cityscope

Property sale numbers fell in Brisbane over the past three months, the latest research from Brisbane Cityscope shows.

The last three months to the beginning of February recorded 16 sales for a total of nearly $428.3 million, with $394.4 million for commercial, $300,000 for commercial strata, $12.9 million for retail, $1.2 million for retail strata and $17.6 million for other.

In comparison, the three months to the beginning of November had 23 sales for a total of $209.9 million, with $131 million for commercial, $700,000 for commercial strata, $53.7 million for retail, $5.7 million for retail strata and $13.5 million for other.

The 12 months leading up to the beginning of February 2016 recorded 74 sales for a total of over $1.93 billion, significantly higher than the same time period a year earlier.

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Brisbane records fewer commercial deals in quarter to Feb, but value up: Cityscope

The three most significant sales recorded this quarter were:

▪ Mineral House, 41 George Street, was sold by QIC Investments No. 3 Pty Ltd and QIC Infrastructure Management No. 2 Pty Ltd for $159 million. The sale represented an initial yield of 8.77% on an advertised passing income of $13.93 million (net). Chesterton International and Colliers International brokered the deal. Mineral House is a 27-storey office building which was built in 1979.

▪ 313 Adelaide Street was bought for $114 million by Gref Brisbane Pty Ltd on behalf of a German fund managed by Deutsche Asset & Wealth Management. The sale, through CBRE and JLL, represented an initial yield of around 7% on a passing income of $7.98 million.

▪ 201 Charlotte Street was bought for more than $81.5 million by Perpetual Corporate Trust Limited on behalf of Fortius Funds Management Pty Limited and BlackRock Investment Management (Australia) Limited. Chesterton International and Evolution Capital brokered the deal.

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Brisbane records fewer commercial deals in quarter to Feb, but value up: Cityscope

Properties currently listed for sale include:

▪ Unit 3, Qantm House, 138-140 Albert Street – a 369 sqm unit, comprising the entire first floor. For sale with an asking price of $2 million; agent, K2 Private (Stuart Moody).

▪ Unit 1 and unit 2, Northpoint, 239 North Quay – a 153 sqm commercial unit on the ground floor. For sale with an asking price of $2.5 million; agent, Tewksbury Commercial Real Estate (Peter Tewksbury and Darren Lucchese).

▪ Unit 6, 183 North Quay – a 572 sqm commercial unit, comprising the entire fourth floor. For sale with an asking price of $2,300,000; agent, Blocksidge (Christopher Finn and Paul De Luca).

Tags: 
Brisbane Property market

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