By Commercial Research

Brisbane Cityscope Quarterly Sales

The latest research from Brisbane Cityscope shows property sale numbers have increased in the past three months. The last three months to the beginning of November 2015 recorded 21 sales for a total of nearly $2.55 billion, with $2.47 billion for commercial, $6 million for commercial strata, $53.7 million for retail, $5.7 million for retail strata and $13.5 million for other. The November total is bolstered by the inclusion of the sale of a portfolio of nine properties sold by Investa Property Group for a total of $2.45 billion to China Investment Corporation. The portfolio included 410 Ann Street, a twin tower commercial development, and eight other properties in Sydney, Melbourne, and Brisbane. The prices for individual buildings are not yet available

In comparison, the three months to the beginning of August 2015 recorded 14 sales for a total of $985.4 million, with $928 million for commercial, $2.7 million for commercial strata, $22.5 million for retail, $2.7 million for retail strata and $29.5 million for other.

The 12 months leading up to the beginning of November 2015 recorded 64 sales for a total of over $4.17 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:

The three most significant sales recorded this quarter were:

  • The Elizabeth Arcade, 97 Elizabeth Street, with frontages to both Elizabeth Street and Charlotte Street, was sold for $28 million to El Camino Priority I Pty Ltd. The sale of the arcade was negotiated by Tom Phipps and Jason Lynch of Colliers International.
  • 420 George Street, a 14-storey office building, was sold for $20 million to the Forza George Street Fund. The sale was negotiated by Peter Court and Mike Walsh of CBRE Brisbane in conjunction with Rick Bird of Ray White Transact.
  • Wharf Central, 38 Wharf Street, a two level retail centre, was sold for $14 million to El Camino Priority I Pty Ltd. Mike Walsh and Peter Court of CBRE Brisbane negotiated the sale.

Properties currently listed for sale include:

  • An office and car park portfolio is for sale by expressions of interest, closing November 19, 2015; agents, JLL (Geoff McIntyre, Seb Turnbull and Luke Billiau) and Knight Frank (Justin Bond, Ben McGrath and Neil Brookes). The portfolio comprises the freehold and leasehold (outdoor dining/part basement) of 300 Queen Street, the freehold of 45 Charlotte Street and the freehold of 728 Ann Street and part leasehold of the adjoining airbridge/viaduct. The properties are for sale individually or in one line.
  • 87 Albert Street, part of the two storey CEY Building, is for sale by expressions of interest, closing November 10, 2015; agent, Chesterton International (Peter Smailes and Jim Wicks). The property was advertised with a potential net income of around $237,409 per annum.
  • 138 Mary Street, a single storey office building known as SV House, is for sale by expressions of interest, closing November 12, 2015; agent, Knight Frank (Tom O’Driscoll and Justin Bond). The property was advertised with a fully leased passing income of $609,227 per annum (net).

Properties under contract (conditionally or unconditionally) include:

  • Unit 11, 198 Adelaide Street, a 68 sqm unit in Anzac Arcade. Under contract and due to settle in December 2015; agent, Blocksidge (Tom Chan).
  • 466 Ann Street, a 486 sqm vacant block of land. Under contract with settlement due mid-December 2015; agents, CBRE Brisbane (Michael Paltsis and Mike Walsh) and Savills Brisbane (Robert Dunne).
  • 179 North Quay, a 15 storey office building redeveloped from the former Brisbane Central Courts Building in mid-2007. Due diligence was being conducted in October 2015; agent, Savills Brisbane (Anthony Ott and Peter Chapple). The property was advertised with a fully leased net income of $3,618,220 per annum.

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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Source: RPD

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