The holding covers three titles at 669, 671 and 679 Ann Street and carries more than 100 metres of combined street frontage, including around 73 metres to Lucky Lane. The $13 million price reflects a land rate of about $10,600 per square metre.
The property was marketed with an $18 million price expectation before being offered privately at $14 million. Costi Cohen secured it for Bentino at $13 million.
The Beat will keep trading from the site under a new lease at about $900,000 a year, so the site produces income while its future is worked through. The venue has operated from the same address for more than 40 years, opening as the Cockatoo Club in the early 1980s.
The site is zoned Principal Centre 2 and was marketed with potential for a project of up to 30 storeys, subject to approvals. Bentino is expected to pursue a residential development with commercial space at the lower levels.
The purchase is Bentino’s third Queensland acquisition through Costi Cohen in three months, following Petrie Village Shopping Centre in June and the adjoining site at Petrie.