Brisbane commercial property sales on the rise: Cityscope

Property sale numbers and figures increased slightly in the past three months, according to CoreLogic's latest Brisbane Cityscope.

The property data firm said the last three months to the beginning of May 2017 recorded 13 sales for a total of $441.6 million, with $429.2 million for commercial, $11.9 million for commercial strata and $500,000 for other.

In comparison, the three months to the beginning of February 2017 had 11 sales for a total of $329 million, with $191.2 million for commercial, $2.6 million for commercial strata, $99.6 million for retail, $1.6 million for retail strata and $34 million for other.

The 12 months leading up to the beginning of May 2017 recorded 57 sales for a total of over $1.4 billion, well below the recorded figure for the same time period the year before.

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

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The most significant sales recorded this quarter were:

• In December 2016 Eagle Street Investment Trust sold its one-third interest in One One One Eagle Street for $284,166,667 to GPT Funds Management 2 Pty Ltd as trustee for the Eagle Street Trust, which in turn is controlled by GPT Wholesale Office Fund. The 47-storey office building has six levels of basement car parking and was completed in April 2012; it was officially opened in August 2012.
• The State Law Building at 50 Ann Street (above) was purchased for $145 million by Propertylink Enhanced Partnership, with settlement due in May 2017. JLL, CBRE and Inc RE negotiated the sale which represented an initial yield of 8.18% on passing income of over $11.86 million. The building is leased by The State of Queensland and includes a cafe on the ground floor.
• The whole of level 2 at 344 Queen Street was bought for $4.5 million by Kooee Mobile Pty Ltd.

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Properties currently listed for sale include:

• 160 Ann Street – a 22-storey office building which was extensively refurbished in 2016. For sale by expressions of interest, closing June 1, 2017; agent, Knight Frank (Justin Bond and Neil Brookes) in conjunction with CBRE.
• Unit 406 (lot 802), Oaks Festival Towers, 108 Albert Street – a 184 sqm unit on the fourth floor, with 15 sqm in the basement. Scheduled for auction on June 1, 2017; agent, Ray White Commercial Brisbane (Nick Wedge and John Dwyer). The unit was advertised with vacant possession from July 1, 2017.
• Shop 15 (lot 38), Anzac Square Arcade, 198 Adelaide Street – an 82 sqm retail unit on the first floor. For sale with an asking price of $800,000; agent, CBRE Brisbane (Lachlan Tully and Callum Short).

Properties under contract (conditional or unconditional) include:

• 366 Queen Street – a four-storey office building which was built in 1984. Under conditional contract in early May 2017; agent, CBRE Brisbane (Tom O’Driscoll, Mike Walsh, Andrew Adnam).
• 545 Queen Street – a ten-storey office building plus a lower ground area to Adelaide Street. Under contract unconditionally for approximately $70 million; agent, Savills (Ben Azar).
• Shop 22 (lot 34), Anzac Square Arcade, 198 Adelaide Street – a 67 sqm commercial unit on the first floor. Under contract unconditionally; agent, Blocksidge & Ferguson Ltd (Tom Chan). The unit was advertised with an estimated fully leased income of $44,000 p.a net.