Construction company Bentino Pty Ltd has acquired the space at the Fortitude Valley venue, The Beat Megaclub. It sold for $13 million.
Last November, the building that is home to the Brisbane institution went up for auction.
Now, it’s been confirmed that Bentino Pty Ltd bought the space. Commercial real estate agency Costi Cohen shared the news on Instagram yesterday (14 September), noting that the 1,200-square-metre venue still generates more than $900,000 in annual income.
The Brisbane Times reports that, at the time of publication, “there are no public redevelopment plans for the site.” However, Costi Cohen described the acquisition as having “significant long-term development potential,” which was part of the building’s appeal for the new buyers.
The Beat Megaclub is one of Australia’s longest-running LGBTQIA+ venues and is recognised as a go-to late-night spot in the Fortitude Valley.
Located at 669-683 Ann Street, spanning over 1,600 m² and three street frontages, the space celebrated its 43rd birthday last year and has operated at the same site since 1982.
The Beat Megaclub hosts nightly events, such as Bingo Wednesday, Thursday Jelly Wrestling, and Friday Night Party, plus Spotlight Sundays – which provide an open stage for Brisbane’s drag stars – as well as Saturday Night Party.
The venue is also advertising Circus New Year’s Eve, a massive 12-hour party to ring in the New Year.
When it was announced that the building home to The Beat Megaclub was for sale last November, Robert Dunne, Director of Commercial Sales at selling agent Savills Australia and New Zealand, said, “The Beat Megaclub represents an exceptional opportunity to acquire a blue-chip entertainment investment with strong income security and substantial future upside.
“Its long-standing operation and prime location in one of Brisbane’s most dynamic inner-city precincts make it a compelling proposition for investors and developers alike.”
Josh Baker, Associate Director of Commercial Sales at Savills Australia and New Zealand, added, “Fortitude Valley is undergoing a major transformation, with the site surrounded by major residential, retail, and mixed-use developments.
“The Beat Megaclub site offers unmatched exposure to Ann Street and the flexibility to capitalise on planning parameters that support high-density development. This is a rare chance to secure a strategic landholding with both immediate income and long-term growth potential.”
