Although across the state, we have seen constant growth in the residential market, the commercial property market figures have decreased in the past three months, according to recent research. The first half of 2019 recorded sales of $930.4 million, including $824.7 million in commercial sales, $8.1 million in commercial strata sales and a further $9.8 million in retail sales and a further $87.8 million in other sales.
In a very recent announcement, AP Eagers has sold its car dealership property at 99 Breakfast Creek Road in Newstead, for $61 million to Seymour Group. The company will continue to operate its car business on the 18,070m2 of land under a 7-year lease-back arrangement.
Other significant sales recorded recently include:
201 Charlotte Street - Kyko Group has purchased for $126.7 million. The vendors, BlackRock Investment Management and Fortius Funds Management, bought the property in 2015 for just over $81.5 million.
288 Edward Street was sold for $113.415 million to Marquette Investment Managers Pty Ltd as trustee for HMQ Trust. The 28-storey office building was purchased in 1993 for $27 million.
133 Mary Street has been bought by two ARA Asset Managed trusts for $96,580,921.
In other significant commercial property news, investment giant UBS’s bid to buy the redeveloped office tower at 310 Ann St in the CBD has stalled. After looking hopeful, an agreement has yet to be reached for the sale, estimated to be between $215 million to $220 million.
Condev Construction has been appointed to commence a $6 million upgrade to Ipswich Showgrounds, which will be aimed at creating a new venue that caters to events like expos and home shows.
Cbus Property has also locked in a second commercial office project in the Brisbane CBD at 205 North Quay and the adjacent 30 Herschel Street properties. The two properties will combine to create a 3,000m2 riverfront site, with plans to develop it into a $600 million commercial building.
The first half of 2019 has already proved promising, it will be interesting to see where the second half of the year leads the market.