Brisbane Commercial Market Update 12 May 2106

Commercial Market Update – Brisbane Cityscope

Posted: 12 May 2016 05:57 PM PDT

The latest research from Brisbane Cityscope shows property sale numbers have decreased slightly in the past three months, but sales figures have more than halved. The last three months to the beginning of May 2016 recorded 16 sales for a total of $200 million, with $84.3 million for commercial, $4.3 million for commercial strata, $6.1 million for retail and $105.3 million for other. In comparison, the three months to the beginning of February 2016 recorded 16 sales for a total of nearly $429.7 million, with $395.2 million for commercial, $280,000 for commercial strata, $12.9 million for retail, $1.2 million for retail strata and $17.7 million for other.

The 12 months leading up to the beginning of May 2016 recorded 71 sales for a total of over $1.784 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:

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The three most significant sales recorded this quarter were:

§ Australian Prime Property Fund Commercial has taken full ownership of The Brisbane Transit Centre through the purchase of GPT Whole Office Fund’s 50% interest for $62.6 million. Bruce Baker and Flint Davidson of CBRE Brisbane, together with Geoff McIntyre and Seb Turnbull of JLL Brisbane negotiated the deal.

§ 62 Ann Street and 89 Turbot Street, The Primary Industries Building and the old Market Shed office building (closed in late 2013 due to safety reasons) were sold together for over $59.2 million to Wee Hur (Ann Street) Pty Ltd. Peter Chapple and Anthony Ott of Savills Brisbane negotiated the deal.

§ Unit 1, Unit 2 and Unit 401 in Festival Car Park were bought by Festival Car Park Pty Ltd, over two transactions, for a total of $45 million. Together the two sales represented an initial yield of 5.64% on a passing income of $2.53 million (net). Justin Bond and Ben McGrath of Knight Frank Brisbane negotiated the sale in conjunction with Seb Turnbull and Geoff McIntyre of JLL Brisbane.

Properties currently listed for sale include:

§ 63 Adelaide Street – a three storey retail/office building. For sale by expressions of interest, with an asking price of $18 million; agent, Ray White on Broadway (Alvie Lin). The property was advertised with a current gross revenue of $1,094,978 per annum.

§ Level 5, Quantum House, 138-140 Albert Street – the entire 468 sqm fifth floor. For sale by offers to purchase; agent, First National Commercial (Mark Leith).

§ 104 Mary Street – a two storey plus basement building with retail, office and residential space. For sale by negotiation; agent, L J Hooker Sunnybank Hills (Renee Huang and Zora Liu).

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The latest research from Brisbane Fringe Cityscope shows property sale numbers have increased in the past three months but sales figures have dropped. The last three months to the beginning of May 2016 recorded 44 sales for a total of $139.1 million, with $56.3 million for commercial, $10.7 million for commercial strata, $54.5 million for retail, $4.6 million for retail strata and $13 million for other.

In comparison, the last three months to the beginning of February 2016 recorded 29 sales for a total of $305.5 million, with $145.4 million for commercial, $6.7 million for commercial strata, $115.3 million for retail, $1 million for retail strata and $37.2 million for other. The 12 months leading up to early May 2016 recorded 155 sales for a total of more than $909.4 million, over $397 million more than the same time last year.

The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:c2

Together the top three sales recorded this quarter total over $77.2 million, these sales include:

  • The Mercedes-Benz Brisbane showrooms at 365 Wickham Street and 41 Bridge Street were sold following expressions of interest which closed April 16, 2015. The properties sold together for $43 million to Star Auto Properties (Brisbane) Pty Ltd. James Walsh and Simone Caralis of Deloitte Capland Real Estate Advisory negotiated the sale.
  • The Australian Federal Police Building at 207 Wharf Street, Spring Hill was sold for $21.28 million to BLH Wharf Pty Ltd. The sale, which was negotiated by Peter Court and Mike Walsh of CBRE Brisbane, represented an initial yield of approximately 9.35% on a passing income of around $1.99 million (net). The building last sold in 1996 for $13.88 million.
  • Two office buildings at 105 Alfred Street and 109 Alfred Street were sold by Forza 365 St Pauls Terrace Fund for $13 million to St Pauls FV Pty Ltd, as trustee for the St Pauls FV Trust.c3

Properties for sale include:

  • 9 McLachlan Street, Fortitude Valley, – a two storey block of flats. Scheduled for auction on 7 May 2016; agent, Elders Commercial Brisbane (Clinton Mallan and Sam Stubbings).
  • 433 Upper Edward Street, Spring Hill – a three storey office building. For sale with offers from $2.55 million being considered; agent, Hongrobe Property (Ralph Williams).
  • 211 Leichhardt Street, Spring Hill – the former St Pauls on Leichhardt Tavern. For sale by private treaty; agents, Chesterton International (Jeff Dolan) and CBRE Brisbane (Darren Collins).

Properties under contract (conditional or unconditional) include:

  • 433 Boundary Street, Spring Hill– a three storey office building. Due diligence was continuing in early 2016; agent, CBRE Brisbane (Peter Court and Mike Walsh).
  • 52 Costin Street, Fortitude Valley – The Tivoli, a single storey entertainment building. Under contract; agent, Colliers International Brisbane (Hunter Higgins and Pat George) and Cushman & Wakefield (Michael Gard and Nick Spiro).
  • 740 Ann Street, Fortitude Valley – GPO Hotel on the corner of Ann Street and Ballow Street. Under contract; agent, CBRE Brisbane (Daniel Dragicevich, Glenn Price and Darren Collins).
  • Courtesy of LJ Gilland Real Estate

 

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About ljgrealestate 据联大

Removing the Hassle from Sales and Rentals across South East Queensland. Aim to Empower other like minded Property Investors. L J Gilland Real Estate is a prestigious boutique agency specializing in Property Investment Management Services and the Sales of Investment Properties with tenants in place. Comprised of a top performing group of handpicked specialists, our Agents proudly serve Property Investors in Queensland. Since 1996 our Agency has demonstrated a genuine enjoyment of working with people, developing long-term relationships and delivering on the promise of great service. Carlos and Linda Debello offer property investor's the confidence to sell and lease in any market. We provide comprehensive market appraisals, exclusive multimedia marketing campaigns, and knowledgeable, highly personalized counsel on all aspects of real estate. Our Property Management Team is equally considerate, offering investors with in-depth advise, well-researched rental valuations, and highly professional rental management services. http://goanimate.com/movie/0M4bvcZzgIbI?utm_source=linkshare&uid=0u6RGtWsmlVc Carlos’ direct mobiles are 0400 833 800 & 0413560808. Linda’s mobiles are 0409995578 & 0414978700 (prefer email contact for Linda). Office 07 3263 6085. http://www.ljgrealestate.com.au http://www.yellowpages.com.au/qld/aspley/lj-gilland-real-estate-pty-ltd-14091356-listing.html http://au.linkedin.com/in/lindajanedebello http://twitter.com/GillandDebello http://www.facebook.com/pages/ljgrealestate
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