Commercial Market Update – Brisbane Fringe Cityscope

Posted November 12, 2016

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 November 2016 recorded 31 sales for a total of $88.8 million, with $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.

In comparison, the last three months to the beginning of August 2016 recorded 24 sales for a total of $195.3 million, with $3.9 million for commercial, $3.2 million for commercial strata, $5.3 million for retail, $4.2 million for retail strata and $178.7 million for other.

The 12 months leading up to early November 2016 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:

Together the top sales recorded this quarter total over $70.6 million, these sales include:

Central Brunswick, 421 Brunswick Street, Fortitude Valley, the whole complex (units 1 to 18), sold for $35.05 million to Metro Property Group on an unconditional put and call option basis. Rick Bird of Ray White Transact negotiated the sale. The site was on sold for $30 million to Brunswick Ivory Pty Ltd, a company associated with Accord Property Group. Rick Bird of Ray White Transact negotiated the second sale in conjunction with Deloitte Real Estate. Both transactions settled on the same day, August 1, 2016.
The Dorchester Inn, 484 Upper Edward Street, Spring Hill was sold for $3.1 million to 484 The Edward Pty Ltd. The Inn is an older style, two-storey block of 12 self-contained units. Richard Bomhof, formerly of LJ Hooker Commercial, negotiated the sale.
112 Barry Parade, Fortitude Valley, a three-storey office building, was sold for $2.485 million to Rivertwin Pty Ltd. Christian Sandstrom and Sam Bryne of JLL Brisbane negotiated the sale.

Properties for sale include:

33 Park Road, Milton – an office building comprising two basement levels of car parking for 115 vehicles, ground floor shops/offices and three upper floors of office space. For sale by expressions of interest, closing November 17, 2016; agents, JLL Brisbane (Seb Turnbull and Luke Billiau) and CBRE Brisbane (Peter Court and Mike Walsh).
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, closing November 17, 2016; agents, JLL Brisbane (Seb Turnbull and Geoff McIntyre) and CBRE Brisbane (Bruce Baker and Flint Davidson).
112 Alfred Street, Fortitude Valley – a two-storey office building. Scheduled for auction on November 10, 2016; agent, Cushman & Wakefield (Mark Dann and Michael Gard).

Properties under contract (conditional or unconditional) include:

433 Boundary Street, Spring Hill – a three-storey office building. Under contract unconditionally with settlement expected December 2016; agent, CBRE Brisbane (Peter Court and Mike Walsh).
Unit 7, Mosaic, 826 Ann Street, Fortitude Valley – a 265 sqm retail/commercial building on the lower ground level, fronting East. Under contract unconditionally; agent, Blue Commercial (Mark Evans and Neville Jenkins).
164 Wharf Street, Spring Hill – a three-level building with two levels of offices above ground floor car parking. Under conditional contract; agent, Savills Brisbane (Jack Morrison and Nick Russell). The property was advertised with an estimated fully leased income $205,076 per annum net.

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 products call 1300 734 318 or visit the website at www.corelogic.com.au/products/cityscope.

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