Fortius Funds Management paying Challenger more than $160 million for mixed-use asset built into historic Brisbane barracks

Fortius Funds Management is reported to be paying Challenger’s life unit a speculated price of more than $160 million for The Barracks, a mixed-use complex in Brisbane,

The former Police Barracks at 61 Petrie Terrace, Petrie Terrace (pictured top), immediately west of the CBD, is in due diligence, according to The Australian, which first broke news of the deal.

More than 90 per cent of the complex is leased to office and retail occupiers. The complex also includes a cinema.

Fortius told the media outlet it saw “upside” in now repositioning the centre and leasing up the vacancies.

CBRE’s Flint Davidson and Joe Tynan, with Colliers International’s Don Mackenzie, co-ordinated the sale.

Challenger paid Property Solutions and QM Properties $143.95 million for the site in 2014. The vendors in that campaign developed commercial space within the historic site which sat vacant for nearly 20 years before 2008.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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