BENTINO has expanded its Queensland commercial property portfolio with the acquisition of The Beat Megaclub at 669–683 Ann Street, Fortitude Valley for $13 million.
Tas Costi and Sasha Rodriguez of commercial buyers agency Costi Cohen acted exclusively for the purchaser, securing the property from selling agent Michael Gard of Gard Property. The acquisition marks BENTINO’s second Queensland purchase with the agency in one week and its third Queensland acquisition in three months, including Petrie Shopping Village and the nearby adjoining site.
The property was initially guided at $18 million. The guide was later revised and Costi Cohen secured the asset at $13 million, 28% below the initial guide and 7.77% below the revised listed price, on a circa 7% yield, providing immediate income from a well-positioned freehold asset. The site generates approximately $900,000 in net annual income.
The Beat has operated from the same Ann Street site for more than 40 years. The property occupies a prominent corner position with strong exposure to Ann Street within Fortitude Valley’s entertainment and hospitality precinct, combining strong existing income with longer-term development potential.
“Fortitude Valley is undergoing a significant transformation and The Beat is positioned at the centre of that change. For BENTINO, the acquisition was an opportunity to secure a recognised freehold asset with strong existing income in a precinct experiencing continued growth, with further potential over the long term.” Tas Costi, Co-Founder, Costi Cohen.
“We acquire for the long term, and this site brings together everything we look for: a commanding corner position, strong income from day one and the potential to create further value over time,” a BENTINO spokesperson told COMMO.
The latest purchase adds an established income-producing freehold asset to BENTINO’s growing commercial property portfolio and further expands its presence in Brisbane’s inner-city market.