The value of Brisbane fringe commercial sales has decreased by more than $100 million in the past three months, despite the number of sales remaining steady, new research from Cityscope shows.

Data from Brisbane Fringe Cityscope reveals there have been recorded 17 sales for a total of $55.6 million for the three months to November, including $4.3 million for commercial, $3.9 million for commercial strata, $5 million for retail, $200,000 for retail strata and $42.4 million for other. 

In comparison, the last three months to the beginning of August 2019 recorded 18 sales for a total of $197.2 million, made up of $41.2 million for commercial, $4.1 million for commercial strata, $124.8 million for retail, $300,000 for retail strata and $26.9 million for other.

The 12 months leading up to early November 2019 recorded 83 sales for a total of $921 million, more than $30 million less than the same time last year.

Significant sales recorded this quarter include: 

- National Storage on Dorsey Street in Milton has been sold for $20.8 million to the National Storage REIT (NSR); NSR had a 25 per cent interest in the vendor trust. The five-level storage facility was completed in early 2019 and has a gross floor area of 3,485 sqm. NSR is an independent, internally managed owner and operator of self-storage centres and is listed on the Australian Securities Exchange. It is a stapled entity comprising units in the National Storage Property Trust (NSPT) and shares in National Storage Holdings Limited. 

- A 1,426 sqm vacant block of land at 32 Robertson Street, Fortitude Valley was purchased by Robertson28 Pty Ltd for $7.4 million. The property only recently received approval for an 11-storey residential building with three levels of basement car parking; a lobby, management office and a 139 sqm office on the ground floor; a 188 sqm residents' gymnasium and 227 sqm of office space on level 1 (resident use only); 89 studio, one, two and three-bedroom residential units over levels 2 to 10; and a rooftop sky terrace with a swimming pool and barbecue/dining areas. Three lifts will service the building and there will be a total of 116 car parks, 52 bicycle spaces and five motorcycle bays over three basement levels and the ground floor. There is a gross floor area of 4,313 square metres, including 366 square metres of commercial space.  

- Following an expression of interest campaign earlier in the year, a 1,450 square metre building, which is tenanted by the Australia Institute of Fitness, was purchased for $6 million by private syndicate. The three-level building at 395 St Pauls Terrace also has frontage to Alfred Street and sold under instructions from the receivers and managers, Pearce & Heers. Tim Jones and Sam Byrne of JLL Brisbane negotiated the sale on behalf of the vendors. The sale represented an initial yield of around 8.16 per cent on passing income of $489,469.

Similar to this:

Fortitude Valley office tower expected to sell for more than $90 million

Brisbane home of Australian Red Cross for sale for the first time in 15 years

Off-market sale in Brisbane CBD the biggest settled strata transaction so far this year