Developer buys Australia’s longest-running nightclub
Brisbane’s Beat Megaclub – said to be Australia’s longest-running nightclub – has finally sold.
The three neighbouring properties, 669, 671 and 679 Ann Street, Fortitude Valley, collected $13 million from local developer Bentino.
The seller was associated with nightclub founder John Hannay, who died in 2021.
Beat opened at the site in 1983, originally as the Cockatoo Club.
Now run by his nephew, Ross Hannay, it will pay annual rent of $900,000 to temporarily stay on at the site.
Bentino is expected to propose a residential building with lower-level commercial, likely hospitality.
Zoned Principal Centre 2, the 1219 square metre amalgamation, with 73 metres exposure to Lucky Lane, in the heart of the suburb’s entertainment precinct, was marketed with potential to yield 30-levels.
Beat Megaclub
The Fortitude Valley property failed to sell at auction last November.
At the time, it was marketed as returning $1.07m pa rent or with optional vacant possession.
It was then offered for private sale, asking $14m.
The holding was also put to the market in 2024 and 2022 – the latter, chasing $18m.
A different agent to those campaigns represented the vendor this time around – Michael Gard from Gard Property (continues below).
Buyer advocate Costi Cohen’s Tas Costi and Sasha Rodriguez acted for Bentino.
The deal comes three months since realestatesource.com.au reported Centennial sold a substation-turned-office/showroom in the suburb to a student accommodation developer.
In May, Boldstone, also behind the Durack Civil business, led by James and Bianca Durack, paid $30m for neighbouring buildings on Robertson St, Fortitude Valley.
That seller was Robert ‘John’ James who developed the James Street precinct as a high-end fashion hub in the 1990s.
Bentino backs Brisbane again
Bentino is the property partnership of Sydney developers Evan Benjamin and Ashley Agostino.
Late last year pair sold a Dover Heights home for $17m after spending about $12m on its acquisition and development.
In June, it snapped up Petrie Village Shopping Centre in Brisbane for about $12m.
The Woolworths-anchored centre came with plans for an expansion.
Fortitude Valley is about two kilometres north-east of the CBD.
Subscribe to our newsletter at the bottom of this page.
