source : the age
The building that’s home to iconic Brisbane nightclub The Beat has sold to developers for $13 million, with the buyers’ agent who brokered the deal highlighting the site’s development potential.
The multi-roomed “megaclub” and gay bar was opened on Ann Street in 1983 by John Hannay, and has been a staple of the Fortitude Valley scene since.
Hannay died from cancer in 2019, and the club has been run by his nephew, Ross Hannay, in recent years.
Buyers’ agent Costi Cohen announced the sale on social media, revealing they had paid $13 million for the freehold site for Sydney-based developers BENTINO.
In the post, Costi Cohen said the 1200-square-metre club was still generating $900,000 in annual income.
“But what really got our attention was the future development potential,” the social media video states, claiming the $10,600 per square metre price was a bargain for the inner-city precinct.
There are no public redevelopment plans for the site.
BENTINO, Costi Cohen and The Beat have been contacted for comment.
Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.
