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Landmark Brisbane commercial, retail and entertainment precinct The Barracks is for sale.
The 19,432sq m centre at 61 Petrie Terrace comprises five buildings and includes a shopping precinct anchored by a Coles supermarket and Palace Cinemas, as well as 23 retail and food and beverage specialties.
It also includes more than 10,000sq m of A-grade office predominantly leased to consulting engineering firm Hatch and ASX-listed Southern Cross Media Group.
The Barracks is on a prime site of about 1.09ha on the fringe of the Brisbane CBD. It is owned by Fortius Brisbane Barracks Trust, an unlisted single asset trust. It paid $162.32 million for the asset in 2018.
CBRE’s Bruce Baker, Peter Chapple, Joe Tynan, James Douglas, along with Jacob Swan, Paul Noonan, Seb Turnbull, and Sam Hatcher from JLL, will manage the sale via an expressions-of-interest campaign to begin this month.
The evolving Petrie Terrace area is forecast to experience a 1.4 per cent annual population growth to around 269,000 by 2046, supported by a 3.9 per cent main trade area retail expenditure growth to $9.9 billion, the agents said.
Tynan said The Barracks would benefit from substantial infrastructure development and the population growth.
“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, to significantly enhance the precinct and surrounding area,” he said.
Chapple said with 100 per cent office occupancy, The Barracks “stands out as a blue-chip mixed-use investment opportunity in Brisbane's commercial real estate market”.
Swan said the centre was one of only three such assets in Brisbane’s tightly held CBD fringe.
According to CBRE research, retail transactions in Queensland for sales over $5 million have surpassed $356 million year-to-date, a 25 per cent increase compared to the same period last year.
