Brisbane South's commercial property market rising: CoreLogic
The latest research from Brisbane South Cityscope shows commercial property sale numbers have increased over the past three months, according to CoreLogic's latest weekly report.
The property investment firm says that the last three months to the end of November 2016 recorded 21 sales for a total of in excess of $81.9 million.
With $29.9 million for commercial, $2.7 million for commercial strata, $4.7 million retail strata and $44.7 million for other.
In comparison, the three months to the end of August 2016 recorded 13 sales for a total of over $90.1 million; with $77.2 million for commercial, $1.1 million for commercial strata, $3.2 million retail strata and $8.6 million for other.
The 12 months leading up to the end of November 2016 recorded 60 sales for a total of over $341.1 million, over $109 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, all in South Brisbane, recorded this quarter together totalled over $50.3 million.
- 2 Cordelia Street, South Brisbane. A high-clearance warehouse with two levels of office space to the western end and lower ground car parking. Bought for $20 million by 2 Cordelia Street Pty Ltd. The site has approval for a 30-storey tower with 379 apartments and ground floor retail space. James Walsh of Deloitte Capland Real Estate Advisory negotiated the sale.
- 13, 15 and 17 Manning Street, South Brisbane. An 1,890 square metre development site with two office buildings and a warehouse. Metro Manning Street Pty Ltd bought the three properties separately for a combined total of $21.2 million. The site has approval for a 30-storey tower with ground floor retail space.
- 14 Hockings Street, South Brisbane (pictured above). A two-storey office building with rear warehouse space. Glasgow Constructions Pty Ltd sold the property for $10.1 million to the Swanland Estates Trust. Elliott O’Shea and Blake Goddard of JLL Brisbane negotiated the sale, which represented an initial yield of 3.7% on passing income of around $373,700.
Properties listed for sale include:
- 15 Browning Street, South Brisbane. A two-storey short and long term accommodation building. For sale with offers over $1.9 million being considered; agent, First National Commercial (Hiep Nguyen).
- 20 Bank Street, West End. A two-storey office/warehouse. For sale with an asking price of $3.35 million; agent, C Property Qld (Carl Charalambous).
- 186 Vulture Street, South Brisbane. A single-storey building with a lower ground area. The building includes a shop to Tribune Street and a three-bedroom unit. For sale with an asking price of $2.2 million; agent, Colliers International Brisbane (Tony Huan Wing and Guy Stafford).
Currently under contract (conditional or unconditional):
- 427 Montague Road, West End. A two-level building with office space to Montague Road and warehouse space to Ferry Road. Due to the sloping nature of the site the building appears two-storey to Ferry Road. Under contract unconditionally for $2.73 million with settlement expected early December 2016.
- Dialog House, 35 Boundary Street, South Brisbane. An eight-storey office building with two levels of basement car parking. Due diligence is currently being conducted; agents, Knight Frank (Justin Bond and Ben McGrath) and Savills (Peter Chapple and Anthony Ott). The property was advertised with an estimated fully leased income of $3,960,545 per annum net.