Commercial Market Update – Brisbane Cityscope

The latest research from Brisbane Cityscope shows property sale numbers have decreased in the past three months. The last three months to the beginning of February 2016 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 2016 recorded 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 recorded figure for the same time period the year before.

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

Brisbane Cityscope Quarterly Sales

 

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). Shaun Douglas and Ken Lucht of Chesterton International negotiated the sale in conjunction with Tom Phipps and Jason Lynch of Colliers International. 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. Flint Davidson and Bruce Baker of CBRE Brisbane negotiated the sale with Seb Turnbull and Geoff McIntyre of JLL Brisbane. The sale represented an initial yield of around 7% on 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. Shuan Douglas and Ken Lucht from Chesterton International negotiated the sale in conjunction with Evolution Capital.

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).

Brisbane Cityscope Quarterly Sales graph

Properties under contract (conditionally or unconditionally) include:

  • 51 Edward Street – four storeys, forming part of Spencers Building. Under contract; agent, LJ Hooker Commercial (Ben Armstrong and Manoli Nicholas).
  • 545 Queen Street – a 10 storey office building. Under contract for around $82 million; agent, Savills Brisbane.
  • 103-105 Elizabeth Street – a two level retail building. Due diligence is being conducted; agent, CBRE Brisbane (Mike Walsh, Peter Court and Andrew Adnam). The property was advertised with a fully leased net income of around $384,827.

Commercial Research


Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.For more information on Cityscope or any other CoreLogic RP Data products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.


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About Commercial Research

CoreLogic RP Data Commercial Cityscope is a web-based service. Access is sold by geographic regions (Cityscope areas). There are 25 geographic regions across Australia (three in New Zealand), clustered around the cities of Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and Newcastle. Darwin and Hobart CBD centres aren’t covered. Cityscope Areas in NSW and QLD also include lease expiry data for the most complete commercial coverage available. For more information call 1300 734 318.

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