According to the latest research from Cityscope, the number of property sales in the Brisbane Fringe have increased noticeably over the last three months, while the sale amounts have only increased slightly.
Brisbane Fringe recorded 60 commercial property sales totalling $323.5 million in the last 12 months to early February. This number falls over $200 million short of the $536.1 million during the previous year’s 12 month period.
During the last three months from November 2020 to January 2021, Cityscope noted a total of 22 sales recorded worth over $114 million. This was broken up into $77.5 million for other and $23.7 million for commercial, with $4.4 million commercial strata, $4.3 million retail strata, and $4.2 million retail.
Comparatively there were14 sales recorded during the previous three months up to the end of October 2020 worth almost $99 million. Commercial made up just over $86 million of that total, with $10.5 million for other, $1.5 million for commercial strata, and $800,000 for retail strata.
There have already been significant sales recorded during the current quarter, with figures totalling almost $80 million. Previously sold in 2010 for $63.5 million, Novotel Brisbane Hotel was purchased by Amora Hotels & Resorts for a smidge over $67.8 million.
The three-storey child care centre located in Milton at 20-22 Marie Street was recently sold via Trust Company (Australia) Ltd for $8.43 million. Initially an office building, major extensions and refurbishing saw it converted into a 120-child centre in 2018 after the property was last traded in 2017 for $6.15 million.