Hotel & HospitalityLindsay SaundersThu 17 Sep 26
The Beat’s Next Act Beckons as Fortitude Valley Site Sold for $13m
A residential development is likely to replace a nightclub established about four decades ago in Brisbane’s Fortitude Valley after changing hands for $13 million.
The site occupied by Brisbane institution The Beat Megaclub has been acquired by Sydney-based builder-developer Bentino.
The three-property holding at 669, 671 and 679 Ann Street spans 1219sq m and was acquired by Bentino through buyer’s agency Costi Cohen.
The property had been marketed with an $18-million price expectation before being offered privately for $14 million. The $13-million deal reflects a land rate of about $10,600sq m.
Bentino is expected to pursue a residential development with commercial space at lower levels.
The property is zoned Principal Centre 2 and was marketed with potential for a project of up to 30 storeys, subject to approvals.
The site has more than 100m of combined street frontage, including about 73m along Lucky Lane, and sits within the Valley’s established entertainment and hospitality precinct.
The Beat will remain operating from the property under a new lease, paying about $900,000 a year in rent while the site’s future is worked through.
The venue has operated from the site for more than 40 years after opening as the Cockatoo Club in 1983 before becoming The Beat Megaclub.
It is now run by founder John Hannay’s nephew Ross Hannay. Hannay died in 2021.
The sale follows several unsuccessful campaigns for the property, including an auction campaign in November. The site was previously offered for sale in 2024 and 2022.
Bentino is backed by Evan Benjamin and Ashley Agostino. The acquisition is its third Queensland property purchase through Costi Cohen in three months.
The group bought the Woolworths-anchored Petrie Village Shopping Centre in June for about $12 million and has since acquired an adjoining site at Petrie.
The Beat acquisition gives Bentino a development holding in one of Brisbane’s established inner-city precincts while providing income from the existing nightclub in the interim.
