Commercial Market Update – Brisbane South Cityscope

 In Commercial data

The latest research from Brisbane South Cityscope shows property sale numbers have generally remained steady over the past three months. The last three months to the end of May 2017 recorded 12 sales for a total of over $39.4 million; with $13.3 million for commercial, $2 million for commercial strata, $3.1 million for retail, $1 million for retail strata and $20.2 million for other. In comparison, the three months to the end of February 2017 recorded 10 sales for a total of over $106.1 million; with $71.1 million for commercial, $30.8 million for commercial strata, $400,000 for retail strata and $3.8 million for other.

The 12 months leading up to the end of May 2017 recorded 56 sales for a total of over $317.5 million, only $5.9 million lower 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 South Cityscope:


The most significant sales recorded this quarter together totalled over $21.4 million.

  • Two high-clearance warehouses at 196-204 Montague Road, West End were purchased together for $9 million by companies owned by local investor, James Varitimos. The site has approval for the construction of three mixed-use buildings between four to eight storeys, each with ground floor retail space residential units. Andrew Gard and Nick Spiro of Cushman & Wakefield Brisbane negotiated the sale.
  • Sundata House, 79 Hope Street, South Brisbane has been sold for $6.75 million to Aria Property Group, which lodged a development application for this site and three adjoining properties in April 2017. Aria hope to develop a 33-storey residential building with a full-height waterfall defining the entrance to Hope Street.
  • A three-storey building at 91 Boundary Street, West End has been purchased for just over $5.67 million by SH We Hills Dev Pty Ltd and SH West End Pty Ltd. The building comprises two levels of office space above ground floor car parking for 13 vehicles.

Brisbane South Cityscope Quarterly Sales

Properties listed for sale include:

  • 161 Boundary Street, West End – a two-storey retail and office building with a building area of 390 sqm. Scheduled for auction on June 15, 2017; agent, Colliers International Brisbane (Tony Huan Wang and Philip O’Dwyer).
  • 20-24 Bank Street, West End – a two-storey office/warehouse building. For sale with an asking price of $3.35 million; agent, C Property Qld (Carl Charalambous).
  • 186 Vulture Street, South Brisbane – a single-storey shop with an alfresco area to Tribune Street and a three-bedroom unit. For sale with an asking price of $2.2 million; agents, Colliers International Brisbane (Tony Wang) and Chase Commercial (Oliver Gardiner and Rod Brown).

Currently under contract (conditional or unconditional):

  • 117 Victoria Street, West End – a two-storey office building to the west and a high-clearance warehouse to the east. Under contract unconditionally; agent, Cushman & Wakefield Brisbane (Andrew Gard and Nick Spiro).

 

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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