RetailLindsay SaundersFri 21 Aug 26
New Owners Reveal Plans for Brisbane’s The Barracks
The new owners of Brisbane’s The Barracks say the retail asset will undergo a multi-year revitalisation with plans to strengthen its dining, entertainment and convenience offerings.
The 19,433sq m heritage precinct at 61 Petrie Terrace, about 1km west of the River City CBD, is to undergo staged upgrades across its retail, dining and public areas, alongside a leasing campaign targeting new food and beverage, wellness and convenience operators.
Existing tenants including Coles and Palace Cinemas will remain. The precinct is currently 97 per cent occupied.
The works will include improved arrivals and wayfinding, a revised lighting plan, reworked outdoor dining areas and more intuitive parking, Aware said in a statement.
Laneways will also be upgraded with shade, seating and greenery, while signage, lighting and outdoor furniture will adopt a more consistent heritage design language.
Aware Real Estate chief executive Tracey Whitby said the changes would broaden the precinct’s appeal beyond its local and game-day customer base.
“The Barracks has always had something most precincts have to manufacture—genuine character, heritage fabric and a location that puts it at the heart of inner-city Brisbane,” she said.
The plans will also target the precinct’s evening economy, with new casual dining restaurants, event programming and live music planned to encourage longer visits.
Enhancements will begin this year and be delivered in phases over several years, with minimal disruption expected during the works.
Aware Real Estate acquired The Barracks in October last year, paying a reported $148 million. The 1.09ha site comprises five buildings, including three heritage-listed buildings and a modern A-grade office tower.
The precinct has 10,393sq m of office space and 9040sq m of retail space, with office tenants including Southern Cross Austereo and Hatch.
The acquisition followed Aware Real Estate’s purchase of 145 Ann Street in Brisbane in November of 2024. The office building had 20 per cent vacancy at acquisition, with Aware saying upgrades including a lobby transformation and new on-site café had since lifted occupancy to 100 per cent.
Brisbane’s retail sector is showing resilience, underpinned by population growth, rising household spending and limited new supply.
CBRE’s second quarter of 2026 Brisbane Retail Figures reported Queensland household spending had reached $16.77 billion in May, up 5.5 per cent year-on-year, while Brisbane CBD retail vacancy tightened to 16.7 per cent in the first half of the year.
CBRE said all retail categories recorded rental growth in the first quarter, driven largely by limited new supply, while investment activity remained strong.
Its figures showed $787 million in Brisbane retail transactions above $5 million, well above the $560 million 10-year quarterly average.
The sector is also benefiting from renewed investor appetite. CBRE’s first half 2026 Capital Edge report described retail as the strongest-performing property sector, with investors increasingly targeting quality assets with resilient income streams.
