11/24/2021 | News release | Distributed by Public on 11/23/2021 20:44
The latest research from Brisbane Cityscope shows in the last three months sales figures have significantly increased. The last three months to the beginning of November 2021 recorded 14 sales for a total of $301.4 million, with $287.5 million for commercial, $8 million for commercial strata, $1.6 for retail and $4.3 million for retail strata.
In comparison, the last three months to the beginning of August 2021 recorded 23 sales for a total of $730.5 million, with $690.4 million for commercial, $7.7 million for commercial strata, $1.6 for retail, $4.3 million for retail strata and $100,000 for other .
The 12 months leading up to the beginning of November 2021 recorded 54 sales for a total of over $1.366 billion, more than $169.1 million lower than the recorded figure for the same time period the year before.
The table below shows sales recorded for the past eight updates of Brisbane Cityscope:
The most significant sales recorded this quarter were:
Following an expressions of interest campaign which closed November 3, 2020, the State Law Building on Ann Street in Brisbane has been sold for $205 million to HAPP 50 Ann Property Pty Ltd on behalf of Hines Asia Property Partners. Seb Turnbull, Paul Noonan and Kate Low of JLL negotiated the sale of the 25,519 sqm office building in conjunction with Flint Davidson, Bruce Baker and Stuart McCann of CBRE. The sale represented an initial yield of 7.75% on passing income of $15,887,770. The State Law Building was built in 1976 and is known as the 'Gotham Building' locally. It is fully leased The State of Queensland (Represented by the Department of Public Works) and a café.
Kuehne Real Estate Melbourne Pty Limited has purchased 299 Adelaide Street for $82.5 million. The sale of the 11-storey, 9,010 sqm office building was negotiated by Bruce Baker and Peter Chapple of CBRE and Seb Turnbull, Paul Noonan and Kate Low of JLL. The sale represented an initial yield of 5.30% on a passing income of $4,371,671 (net).
Properties currently listed for sale include:
Properties currently under contract (conditional or unconditional) include: