Brisbane Update March 2021

Cityscope’s latest research found the number of commercial properties sold over the last three months in Brisbane have remained stable, but the total sales figures have decreased.

And according to Cityscope, there were 41 sales recorded in Brisbane over the last 12 months to the end of January totalling $775.3 million. This figure is $2.16 billion lower than the almost $3 billion recorded during the previous 12 month period.

There were 12 sales totalling $120 million recorded over the most recent quarter to the end of January 2021, with commercial making up the lion’s share of $82.3 million. The rest of the total amount included $20.5 million retail, $9.4 million other, and $8.3 million commercial strata.

A similar number of 11 sales were recorded during the three months previous, but the total was just under $40 million more at $159.7 million. This sales total between August and October in 2020 was made up of $54 million in commercial and $87 million in retail, with other’s $9.5 million, commercial strata’s $7.3 million, and retail strata’s $1.9 million.

One of the most notable sales recorded in Cityscope’s Brisbane report for the most recent quarter was the former Oracle Tower building. Located at 340 Adelaide Street, the 17-storey high rise was sold for just over $82.3 million to Forza’s 340 Adelaide St Fund. The contract price was initially $86.75 million, it was negotiated and reduced by $4.44 million for incentives like the current property leases.

Located at 188, 192, and 194 Albert Street, the William Cairncross Building was bought for $20.5 million by William Cairncross Pty Ltd, which is owned by the local family of Wallace Bishop Jewellers. Also, the three-storey building located at 33 Herschel was sold to the trustee for Capricorn Asset Management for $9.25 million.

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