Blog

March 17, 2020

MARKET OVERVIEW: THE STATS

The latest research in the commercial market across Brisbane, completed by CoreLogic, shows that although total sales figures have fallen, the number of property sales has increased. Throughout November, December and January, 36 sales totalling $805.9 million were made.

The previous three months to November recorded just 16 sales but had a total of more than $1.4 billion. The last 12 Months (Feb-Feb) recorded $2.93 billion in sales, up three-quarters of a billion dollars on the previous year.

Recent Sales

This quarter saw some significant sales, including two commercial towers at 140 Elizabeth Street and 141 Queen Street which were purchased together by Shayher Properties Pty Ltd for over $393.8 million. 140 Elizabeth Street is an 11-storey commercial building fronting Albert and Queen Streets. 141 Queen Street is a 25-storey office building with a retail arcade.

At 313 Adelaide Street, an office building recently sold to PS Financing SPV Pty Ltd for $137.5 million. The 20-storey building has 16 levels of offices, ground-level retail space, and four levels of car parking. Centuria Property bought the 16-storey office building at 348 Edward Street for $89 million, a big step up from its last trade in 2016 of $49 million.

Current Property Listings

At 371 Queen Street, a 243m2 unit including the first floor, and divided into two tenancies are on the market by expressions of interest. EOI closed on February 27, 2020.

Originally built in 1916 and previously known as Ryan and Bosscher House, the 900m2, three-storey + basement building at 331 George Street, is for sale by offers to purchase. Net income of $471,342 per annum is advertised.

Five-level office building Collin House, with fronts both Queen Street and its location on 463-469 Adelaide Street has hit the market for sale by offers to purchase.

Properties Under Contract

The 15-storey office block building at 410 Queen Street featuring 5,704m2 of office space with ground-floor retail and 42 car spaces has recently gone under contract unconditionally.