Commercial Market Update - Brisbane South Cityscope

The latest research from Brisbane South Cityscope shows property sale figures have increased in the past three months and sales numbers have slightly increased. The last three months to the end of February 2021 recorded 12 sales for a total of over $57.9 million; with $35.5 million for commercial, $3.8 million for commercial strata, $1 million for retail strata and $18.4 million for other.

In comparison, the three months to the end of February 2021 recorded 7 sales for a total of over $19.6 million; with $7.2 million for commercial, $1.3 million for commercial strata, $1 million for retail strata and $10.1 million for other.

The 12 months leading up to the end of May 2021 recorded 28 sales for a total of over $97 million, over $107.2 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 South Cityscope:

The most significant sales recorded this quarter together totalled just over $41.7 million

Three properties on Cordelia Street (13 Cordelia Street, 15 Cordelia Street and 17 Cordelia Street) were bought for $15.2 million by Cordelia 17 Pty Ltd as trustee for 17C Unit Trust. The three properties have development approval for a 30-storey residential building with 265 one, two and three-bedroom units. The building will include a skygarden spanning over six storeys.

30 Merivale Street, South Brisbane has been purchased for $15 million by Meristock Pty Ltd. The property comprises a single-storey vehicle service centre to Merivale Street and a high-clearance warehouse to Cordelia Street.

176 Melbourne Street, South Brisbane has been purchased by Silverstone Developments for $11.5 million. The property comprises a three-storey warehouse/office building to Melbourne Street and a 500 sqm hardstand area to Edmondstone Street.

Some current properties listed for sale include:

• South Central Commercial – the commercial section of South Central, comprising basement parking, retail space on the ground floor and commercial space over levels 2 to 5. Approximate net lettable area, 2,856 sqm. For sale in with an asking price of $17 million.  The property was advertised with a net passing income of $1,203,500 per annum.
• 74 Vulture Street, West End – a two-storey, 336 sqm office/retail building with car parking for two vehicles on site. For sale by offers to purchase.
• 20-24 Ferry Road, West End – a 1,308 sqm vacant block of land. For sale with an asking price of $4.5 million.

Properties currently under contract (conditional or unconditional) include:

• 33 Vulture Street, West End – a three-level plus mezzanine retail/office building with 41 on site car parks and around 2,908 sqm of space.
• Unit 4, Montague Central, 170 Montague Road, West End – a 299 sqm, two-level unit.