The Beat Site Sells For $13m
The property housing Brisbane nightlife institution The Beat Megaclub has been sold to Sydney-based developer Bentino for $13 million.
The sale was announced on social media by buyer’s agent Costi Cohen, highlighting the landmark corner site’s potential for future redevelopment.
It’s expected Bentino will propose the property be turned into a residential building with lower level commercial and hospitality space, taking advantage of its extensive Ann Street frontage.
The freehold purchase is the third Queensland acquisition made by Bentino in the past three months, including Petrie Shopping Village and the nearby adjoining site, further expanding the developer’s local portfolio.
The Beat will remain temporarily at the site, generating an annual net income of $900,000 on a ~7% yield.
It’s another sign of the times for Fortitude Valley, which has undergone significant changes in recent years as clubs and live music venues are replaced by residential and commercial towers.
Poggioli Bros. Primo Produce – a family owned and operated Australian farming business.
The shift is reshaping the character of Brisbane’s best-known entertainment precinct as development pressure and inner-city living change how the area looks, operates, and attracts visitors.
Opened as the Cockatoo Club in November 1983, The Beat is one of Australia’s longest running nightclubs and has been a fixture of the Fortitude Valley entertainment precinct for more than 40 years.
It was operated by Brisbane entrepreneur John Hannay, who had a long history running clubs and hotels in the city, until his death from cancer in 2019 when his nephew Ross Hannay took over.
Boasting multiple levels and rooms, The Beat has been a safe haven for the LGBT community and remains one of Brisbane’s most popular nightlife establishments.
In the coming years, The Beat may eventually suffer the same fate as countless other Fortitude Valley venues, leaving behind a legacy that reflects both the precinct’s celebrated nightlife history and its continuing transformation.
