[+] Big Bets Placed That Valley’s Hit Peak Pub

Fortitude Valley has had many identities. But an unloved pocket of Brunswick Street, which carves its way through the suburb, is forging a new personality. And it has captured the imagination of some high-calibre property investors. Central to Brisbane’s growing population in the late 19th century, and well connected via train and horse-drawn tram, Brunswick Street was a shopping hub, home to the heritage-listed McWhirters building, TC Beirne and Waltons. But the closure of the tram network and the rise of suburban shopping centres spelt the end for the big department stores in Fortitude Valley. The area evolved into an entertainment precinct with nightclubs, restaurants, the bustling Chinatown and an industrial fringe. While there has been a heavy focus on urban renewal for the pedestrianised Brunswick Street Mall, another pocket of the 4.5km road is capturing the imagination of property investors. Among its ranks are Patrick George, of the George Group; the Bickle family’s Katarzyna Group; PointCorp’s Chris Vitale and Paul Gedoun and Tessa Group’s Brendan Tutt. They all have landholdings along a 400m strip of Brunswick Street between Arthur and Ann streets. ▲ Brunswick Street was once a shopping hub, including McWhirters, which has since been converted into smaller shops and an apartment building. And what has lured these developers to this thoroughfare is opportunity, according to Tessa Group managing director Brendan Tutt. “We’re backing Brunswick Street,” Tutt says. While Tutt is piecing together his own Monopoly play along the street, his plans for the former Dooley’s pub are taking shape, with a refit and refurbishment under way and commercial tenants due to move in early 2024. Plans to create a $175-million office tower on the site were put out to pasture this year in favour of a less risky adaptive reuse of the salubrious watering hole. Tutt says the refurbishment of the pub will expose its brickwork and character, while opening it up to more light—and the once-sticky floors will be restored to their former glory. But it’s part of a bigger play by Tessa Group with plans to reinvigorate its assets at Cameron House and Central Brunswick as commercial office space flush with carparks. “There are enough restaurants and bars in Fortitude Valley already, we’re focused on getting businesses into these assets,” Tutt says. “It’s all about value and location. We’ve got all sorts of tenants with different needs ranging from 100sq m to 600sq m floorplates. “When you have multiple assets across different grades you can offer multiple things to your tenants. At 388 Brunswick Street we will have more than 200 people working there, and across the road we’ve brought in 100 people who are working there during the daytime. “By the end of next year with these projects there will be an additional 400 people working in this precinct.” ▲ The former Dooley's pub is being converted into commercial space, which is 50 per cent leased and construction is under way. Tutt says the halo effect of more people in this area will encourage a more vibrant daytime economy in an area that has been underperforming for some time. “It’s not just a thoroughfare. We’re building that natural link between Howard Smith Wharves and James Street. “And we’re starting to see some results in the assets. “At 388 we got our first major lease deal and the construction has commenced. We’re repositioning that corner and quality tenants are coming into the market.” Tessa Group has signed eight new leases across the past 12 months in Brunswick Street, including Apollo Property Group, which moved up from the Teneriffe area with the lure of off-street parking. The Brisbane office market has remained resilient in the post-Covid return to work, with figures this year indicating a downward trend in vacancy rates, dropping from 12.9 per cent to 11.6 per cent over the six months to July 2023. And fresh Australian Bureau of Statistics data showed the number of people working from home has declined in the past two years . Data for August 2023, showed 37 per cent of Australians worked from home regularly. This was down from about 40 per cent in 2021. There may not be too many active building sites along the 400m stretch of bitumen, but the fundamentals are there for future growth. “It’s probably the most exciting part of Brisbane in terms of opportunity,” Tutt says. “We are in for the long term. We will further develop our sites over the next 20 years. “It’s a really undervalued high street and I think we picked it right.” You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

[+] Big Bets Placed That Valley’s Hit Peak Pub

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