A sprawling “blue-chip” precinct in Brisbane’s CBD has hit the market as a tenanted investment, in a joint listing between CBRE and JLL.
The Barracks is a commercial, retail and entertainment hub at 61 Petrie Terrace. Opened in 2008, it transformed the formerly derelict 1.09-hectare site on the CBD fringe, near the Brisbane River.
Named for its history as a jail and police depot, The Barracks development incorporates three heritage-listed buildings: the stables (1912), the three-storey brick barracks (1939), and the radio communications centre (1941).
It now comprises five separate buildings, including a shopping precinct with a Coles and Palace Cinemas, plus 23 food and beverage offerings and shops.
CBRE’s Joe Tynan says it is well-positioned to benefit from “substantial infrastructure development and population growth” in the lead-up to the 2032 Olympic and Paralympic Games.
“The sale of The Barracks comes at a pivotal moment with projects such as the Roma Street Cross River Rail station and the Victoria Park Stadium, part of the 2032 Olympics infrastructure plan, set to significantly enhance the precinct and surrounding area,” Tynan says.
The complex also houses more than 10,000 square metres of contemporary office space, which is fully occupied and includes major tenants such as Hatch and Southern Cross Media Group.
The precinct’s fully leased net income is $12.3 million a year, as at June 30.
JLL’s Jacob Swan says the centre is one of only three such assets on Brisbane’s tightly held CBD fringe.
“We are expecting significant national and offshore interest in this campaign from a range of purchaser types, primarily due to the unparalleled location and further value upside from surrounding residential development, and also because there is a major undersupply of quality assets in the market,” he says.
The elevated site has 360-degree views of the Brisbane CBD and could be further developed, subject to council approval. It has 451 car bays.
The sale of The Barracks will be managed by Bruce Baker, Peter Chapple, Joe Tynan and James Douglas from CBRE, and Jacob Swan, Paul Noonan, Seb Turnbull and Sam Hatcher from JLL.
It is for sale via an expressions-of-interest campaign that closes at 4pm AEST on Thursday, June 26.
