Brisbane fringe property sales numbers edged up over past three months: Cityscope

Brisbane fringe property sales numbers edged up over past three months: Cityscope
Staff reporterDecember 7, 2020

Property sale numbers increased slightly Brisbane's fringes in the past three months, while sales figures showed a significant rise, according to CoreLogic’s latest Brisbane Fringe Cityscope.

The property data firm says that the last three months to the beginning of February 2017 recorded 37 sales for a total of $313.1 million.

This consists of  $262.6 million for commercial, $3 million for commercial strata, $3.5 million for retail, $7.4 million for retail strata and $36.7 million for other.

In comparison, the last three months to the beginning of November 2016 recorded 31 sales for a total of $88.8 million.

This consists of $4.6 million for commercial, $9.9 million for commercial strata, $1.6 million for retail, $66.9 million for retail strata and $5.8 million for other.

The 12 months leading up to early February 2017 recorded 128 sales for a total of more than $728.2 million, over $80 million more than the same time last year.

The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:

Click to enlarge

Together the top sales recorded this quarter total over $181 million, these sales include:

  • Kings Row Office Park, 40-52 McDougall Street, Milton, comprising multiple office buildings between two and six storeys and over 400 car parks, was bought for $94.9 million  by Shayher Alliance Pty Limited. The buildings were constructed between 1989 and 1996. Anthony Ott and Peter Chapple of Savills Brisbane negotiated the sale.
  • 33 Park Road, Milton, a four-storey office building, was sold with a residential building at 14 Gordon Street (not covered by Cityscope) for $48.2 million  to Wholesale Australian Property Fund. The sale represented an initial yield of 7.37% on passing income of over $3.55 million. Peter Court and Mike Walsh from JLL Brisbane sold the property in conjunction with Seb Turnbull and Luke Billiau of CBRE Brisbane.
  • 200 Creek Street, formerly known as Medtronic House, a ten-storey office building with basement car parking, sold in January 2017 for $38.7 million to Sentinel Regional Office Trust. The sale represented an initial yield of 9.58% on passing income of over $3.7 million. Luke Billiau and Seb Turnbull of JLL Brisbane sold the property in conjunction with Peter Court and Mike Walsh from JLL Brisbane.

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Properties for sale include:

  • 337 Water Street, Fortitude Valley – a two-storey, 320 sqm office building with six car parks. For sale with an asking price of $1.65 million; agent, Cushman & Wakefield Brisbane (Sam Callanan and Michael Gard).
  • 12 Cribb Street, Milton – a five-storey office building with basement car parking. For sale by expressions of interest; agents, Savills Brisbane (Peter Chapple and Nick Russell) and JLL Brisbane (Christian Sandstrom and Sam Bryne). The property was initially advertised with an approximate fully leased income of over $1.55 million net (as at December 1, 2016)
  • John Oxley Centre, 337A Coronation Drive, Milton – a U-shaped building with five storeys of offices and two levels of basement car parking for 319 vehicles. For sale by expressions of interest; agents, JLL Brisbane (Seb Turnbull and Geoff McIntyre) and CBRE Brisbane (Bruce Baker and Flint Davidson).

Properties under contract (conditional or unconditional) include:

  • Green Square South Tower, 505 St Pauls Terrace, Fortitude Valley – a four-storey building with ground floor retail space and upper level office space. Due diligence is being conducted by AXA Investments Managers; agents, Colliers International Brisbane (Tom Barr and Don MacKenzie) and Colliers International Melbourne (John Marasco).
  • 164 Wharf Street, Spring Hill – a three-level office building comprising two levels of offices above ground floor car parking. Under conditional contract; agent, Savills Brisbane (Jack Morrison and Nick Russell).
  • 100 McLachlan Street, Fortitude Valley – a four-storey commercial building completed in late 2013 as stage 3 of the M&A development. Under contract for $30 million to an offshore purchaser; agent, Cushman & Wakefield (Nick Spiro). The sale represented a yield of 6%.

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