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HS Brisbane Property
0419 782 133
+61 (0) 7 3254 0888
sales@hsbrisbaneproperty.com.au
PO Box 15301
Brisbane City East
Queensland 4002
Australia

A strong year for Brisbane commercial property

For the 12 months up to the start of August this year, Brisbane commercial property sales have recorded a total of $1.98 billion –  an increase of $683.8 million on the previous year, reports CoreLogic in their latest Cityscope report.

 

A total of $882 million worth of sales were recorded in the three months to the start of August which included $354.4 million for commercial, $7.1 million for commercial strata, $23 million for retail strata and $497.4 million in the ‘other’ category. 

 

Key sales this quarter included

  • M&G Asia Property Fund have bought a 50% interest in yet to be constructed 36-storey building fronting Ann & Turbot streets for $416 million. Mirvac group, who purchased the site for $79 million will be joint developers on this site.
  • Firmus Capital, a Singapore-based investment management company purchased a 24-storey office building at 137 Creek Street for $129 million. The sale represented passing initial yield of 6.22% on passing income of $8,026,416 net.
  • Charter Hall Group purchased A nine-storey office building at 231 George Street, three-story arcade on Queen Street, 11-story office building at 217-229 George Street for $93.96 million.

Commercialrealestate.com.au have reported that the Crown Group have purchased one of the last large remaining development sites in inner south Brisbane. The 1.25-hectare property is located at 117 Victoria Street, West End. The end value of the development is expected to be around $350 million.

 

Properties currently on the market include:

  • 288 Edward Street – a 28-storey office building 
  • 133 Mary Street – a 16-storey office building
  • 420 George Street -  a 14-storey office building
  • City Edge Brisbane Hotel in Turbot Street– a four-storey hotel

 

Hannah Schuhmann says strong activity in the commercial property market should translate to an upswing in residential property sales, particular in the Brisbane CBD.

 

 

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