On the doorstep of the Brisbane CBD, 572 Brunswick Street in New Farm has been the home of the renowned IGA Marketplace for 20 years, and presently returns a Holding Net Income of $339,268 + GST p.a.
However, come 30 November the 1,359sqm* the building is set to be vacated in its entirety, which Mr Feltoe said presents a unique ‘blank canvas’ opportunity.
“This is a trophy property for any portfolio. We are expecting huge interest from all over Brisbane, if not Australia,” Mr Feltoe said.
“Owner occupiers have the chance to reposition this building and take advantage of the 28 on-grade car parks, which is incredibly rare this close to the CBD. Whilst investors have the benefit of generating immediate rental uplift - with the current $250/sqm base rent remaining the same for a decade.”
Occupying a high-profile 2,156sqm* corner land parcel on the corner of Brunswick and Kent Ss, this property has had a rich history.
Since the early 1900s, the building was widely known as the Rivoli Theatre, one of Brisbane's earliest open-air picture theatres.
In the heart of the blue-chip suburb of New Farm, the property today is located amongst Brisbane’s premiere entertainment destinations including Howard Smith Wharves and James Street.
“Since this property was last on the market in 1990, New Farm and Brisbane as a whole have only continued to surge in popularity,” Mr O’Keeffe said.
“We anticipate there will be significant buyer interest from value-add investors and developers who will want to get creative and satisfy the insatiable demand for residential and retail space in this beloved precinct.”
572 Brunswick Street, New Farm will be auctioned on Friday, 1st November, 9:45 am (AEST) at Level 26, 111 Eagle Street Brisbane City.
