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.
You might also be interested in
Jan 12, 2024
12 Reasons Why Local is Best When Choosing a Real Estate Agent
From browsing properties online, researching estimated values, hopping into 3D virtual home tours, and checking out prospective neighbourhoods on Google Street View, digital technologies have become ingrained in how we buy and sell property. However, there’s one critical factor within the real estate industry that technology hasn’t changed. And that’s the vast and varied benefits of engaging a local agent with on-the-ground experience and expertise. Here’s why choosing local makes all the difference: Priceless community knowledge Whether you’re buying or selling, there’s so much more involved than the physical house – it’s also about the local neighbourhood – and your local agent is a part of this. From school zoning to proximity to public transport or just where to get a good cup of coffee, local agents know the ins and outs of the local area and how these align with buyer’s aspirations or needs. Extensive market insight Agents operating in your local neighbourhood have a wealth of knowledge when it comes to data like recent sales for comparable homes within your specific area, market trends and property values. This is invaluable when buying or selling. Local marketing and advertising know-how With an in-depth understanding of your neighbourhood’s demographics, local agents can hit ‘hot buttons’ when it comes to effective marketing and advertising strategies for your home. They’ll understand which key features of your property to promote, and which online platforms or media will best engage potential buyers. Crucial cultural insight Cultural nuances and customs can significantly influence real estate transactions. A local agent who lives within the community will likely better understand any cultural factors in play, ensuring no barriers to a smooth transaction arise. You simply can’t access this level of insight from data or trend reports. Understanding of local rules and regulations Real estate transactions are packed with legalities and regulations, and these often come with local nuances. From zoning laws to conveyancing procedures and differing sales contracts across different states and territories, local agent insight is vital for navigating these variances. Nitty-gritty, granular data From timing to terms of sale, local real estate agents are often privy to more granular market data and insights to help you make more informed sale or purchase decisions. They may be aware of market micro-trends, which can influence how and when you sell or buy. It’s who you know (and what you know) Local agents build extensive local networks, often making connecting with complimentary services like mortgage brokers, property lawyers, and inspectors a breeze. Best of all, these connections will also have a solid understanding of any local nuances. Accessible and available Physical proximity counts when you want to view a home at short notice, need a quick face-to-face update, need a problem resolved quickly, or are ready to sign a document. This accessibility facilitates a smooth and efficient way of working – which is advantageous in the often fast-paced real estate industry. Superior access to local properties A good local agent will not only be familiar with the local inventory available but may even know homes coming on the market soon or people willing to sell for the right price. This superior access is hugely beneficial in a competitive market or when you have specific requirements. Negotiation pros Familiarity with local market dynamics enables local agents to negotiate more effectively on your behalf. They may have insights into the seller’s motivations or local pricing trends that can work in your favour during negotiations. Support local Choosing a local agent supports local businesses and, as a result, the community in which you reside. Real estate transactions involve various local professionals, and by working with them, you’re contributing to your community’s economic growth and future. Care beyond the transaction Beyond the sale or purchase of a home, local agents will often continue to provide ongoing support and guidance. This can include recommendations for local contractors and community events to get involved in if you’re new to the area or purchasing an investment property; they may facilitate property management for you. Your local agent – a smart partnership that lasts a lifetime While it’s essential to consider the qualifications, experience, and reputation of the agent you choose, extensive local insight and lived-in community knowledge are invaluable when selling or buying a home. And in many cases, your relationship with a local agent will extend well beyond the initial transaction – as your life and needs change, they’ll be there to assist you with your next move. With over 300 offices throughout Australia and New Zealand, First National Real Estate agents are part of our local communities. Connect with your local agent today!.
Oct 24, 2023
Unlock Peace of Mind: Why Our Property Management Services Are a Must for Brisbane Landlords
If you're a local landlord or property investor, you understand the importance of effective property management. Owning a rental property can be rewarding for investors, but it can also be demanding and time-consuming if you manage it yourself. That’s where our property management services come into play, offering you the peace of mind you deserve. Responsive Tenant Care One of the hallmarks of our property management services is our commitment to responsive tenant care. We understand that happy tenants are more likely to stay, pay rent on time, and take better care of your property. Our property managers are always just a phone call or email away, ensuring that tenant issues are addressed promptly and effectively. Whether it's a maintenance request or a general inquiry, we've got it covered, providing a smooth experience for your tenants and safeguarding your property's value. Informed Landlords Communication is key in successful property management, and we take this seriously. Our property managers keep you informed every step of the way. You’ll receive regular updates on the status of your property, including rental income, maintenance reports, and financial statements. With us, you’re never left in the dark about your investment. We believe that well-informed landlords make better decisions and have greater peace of mind. Swift Tenant Placements When it comes to finding new tenants, we excel. Our local expertise and extensive network allow us to quickly fill vacancies with qualified renters. We conduct thorough tenant screenings, including credit checks and reference verifications, to ensure that your property is in safe hands. Minimising vacancy periods means maximising your rental income, and that’s exactly what we aim for. Property Maintenance and Inspections Regular property inspections are crucial for identifying maintenance needs and ensuring that your investment remains in top condition. Our property managers schedule and carry out routine inspections, addressing any issues proactively. From minor repairs to more significant renovations, we have a network of trusted local contractors to maintain and enhance your property's value. Tailored Services We understand that every property is unique, and so are your needs as a landlord. Our property management services are tailored to fit your specific requirements. Whether you have a single property or a portfolio, we have the expertise and flexibility to meet your expectations. When it comes to property management, local knowledge and personalised service makes all the difference. Trust our experienced team to safeguard your investment, keep your tenants satisfied, and maximise your returns. Get in contact today to ask for a competitive quote for our property management services and experience the benefits of stress-free rental property ownership. We put you first.