Knight Frank's Institutional Sales 2022-2023
Sharing our
Success
in the Brisbane Institutional Market
A Brief Market Review
Over the past 12 months, the commercial real estate market has experienced a significant shift as market conditions continued to deteriorate. Despite this, Brisbane CBD sales rebounded in late 2022, reaching $1.43 billion, 16% lower than the previous year's $1.71 billion. The market faced lower activity due to changing capital costs, uncertainty over interest rates, and mismatched vendor-purchaser expectations, resulting in listed assets taking longer to sell. Purchasers sought discounts below book value, while vendors removed assets from the market, due to a limited pool of buyers or pricing expectations weren’t met.
2022-2023 Sales Highlights
179 Turbot Street, Brisbane
Price: $150,900,000 Rate / sqm: $6,059 Initial Yield: 2.79% WALE: 1.38 Years Occupancy: 40% Vendor: Investa Purchaser: Mercer
12 Creek Street, Brisbane
Price: $420,000,000 Rate / sqm: $10,888 Initial Yield: 5.94% WALE: 3.30 years Occupancy: 91% Vendor: Dexus Purchaser: Marquette Properties
171 Edward Street, Brisbane
Price: $82,203,000 Rate / sqm: $40,494 Initial Yield: 3.73% WALE: 6.39 years Occupancy: 74% Vendor: Dexus Purchaser: The Hour Glass (Aust)
33 Queen Street, Brisbane
Price: $37,600,000 Rate / sqm: $6,726 Initial Yield: 6.75% WALE: 2.66 years Occupancy: 93.6% Vendor: Abacus Group Purchaser: Mackwell
70 Eagle Street, Brisbane
Price: $110,000,000 Rate / sqm: $9,585 Initial Yield: 9.68% WALE: 0.76 Years Occupancy: 100% Vendor: Pembroke Purchaser: Confidential Client
21 Genge Street, Canberra
Price: $290,000,000 Rate / sqm: $6,704 Initial Yield: 7.66% WALE: 5.24 years Occupancy: 100% Vendor: Real IS Purchaser: Charter Hall
30 Pirie Street, Adelaide
Price: $73,000,000 Rate / sqm: $3,080 Initial Yield: 15.66% WALE: 0.36 Years Occupancy: 100% Vendor: Australian Unity Purchaser: Quintessential Equity
33 Queen Street, Brisbane
Price: $37,600,000 Rate / sqm: $6,726 Initial Yield: 6.75% WALE: 2.66 years Occupancy: 93.6% Vendor: Abacus Group Purchaser: Mackwell
