BRISBANE SALE SETS NEW RECORD

Written on the 18 May 2016 by Brisbane Business News

BRISBANE SALE SETS NEW RECORD A SINGAPOREAN buyer has set a new CBD retail record in Brisbane.

The $6.5 million acquisition of a freestanding retail building, 105 Elizabeth Street, measured $23,298 per sqm.

This is a record sale for retail assets outside Queen Street Mall and represents the buyer's first foray into Australia.

CBRE's Mike Walsh, Andrew Adnam and Peter Court negotiated the sale which attracted more than 120 enquiries.

"More than half of the enquiries originated from interstate and overseas parties, who were attracted to the long-term growth outlook for the CBD and comparatively attractive returns on offer in Brisbane," says Walsh.

"Six offers were submitted - including three overseas bids. What was interesting to note was the clear distinction between domestic and offshore pricing, with the average offshore bid being 10 per cent higher than the average domestic bid."

The property's location was one of the key draw cards, with the building situated one street parallel to Queen Street Mall and less than 150m from the soon to be delivered Queens Wharf Casino Precinct.

"Only 14 freestanding properties under $10 million have transacted on Elizabeth Street in the past 20 years," says CBRE's Adnam.

The 279sqm building is situated on a site area of 516sqm. It is fully tenanted, with the current income translating to an initial yield on the sale of 6.09 per cent.

Existing tenants are skin care and health food retailer Sini Care and dessert bar and high tea franchise Passion Tree Café.

The asset also offers future development potential, with potential to redevelop the building up to eight storeys subject to the relevant approvals. Its development classification permits commercial, residential, hotel or retail uses.



Author: Brisbane Business News Connect via: Twitter

Latest News

GUVERA ESCAPES WIND-UP ORDER

GUVERA has avoided being wound up after a claim for a $1.78 million debt by Kwong Properties was dismissed at the ...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

WESFARMERS' COAL BUSINESS ON FIRE

WESFARMERS (ASX: WES) has lifted its first-half profit guidance due to surging coal prices and higher than expected c...

SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year result...

Related News

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter