Brisbane's commercial property market remained steady over the last three months to the beginning of August 2019, recording overall sales of $357.4m for 13 properties, the latest figures from CoreLogic revealed.
Of the overall sales, $129.3m came from commercial transactions, $3.5% from commercial strata, $1.3m from retail strata, and $223.2m from other sales.
By comparison, the last three months to the beginning of May 2019 recorded 12 sales for a total of $355m, with $346.5m for commercial, $6.1m for commercial strata and $2.4m for retail.
One of the highlights during the period was the sale of NEXT Hotel Brisbane for $150m by Salter Brothers Hotel Group.
NEXT Hotel is a 304-room, 4.5-star hotel which was converted from a hotel/office building in 2014 for $50m. The property was last acquired by Challenger Life Nominees in 2015 for $133m.
Another significant commercial property transaction was the sale of Makerston House, which was sold off-market for $87m to Sentinel Regional Office Trust. This 14-storey office building is situated at 30 Makerston Street and includes around 14,640 square metres of space and 179 car parks within five basement levels.
The sale of 280 Elizabeth Street, a nine-level telephone exchange, was also worth noting. Telstra Corporation sold the property for $57m to Firmus Capital.
