Landmark Brisbane Mixed-Use Precinct The Barracks Hits the Market
Brisbane’s prominent mixed-use precinct, The Barracks, has been listed for sale in a significant commercial move likely to attract strong interest from institutional investors.
Located at 61 Petrie Terrace on a 1.09-hectare site, the 19,432-square-metre centre comprises five buildings and offers a compelling blend of commercial, retail, and entertainment tenancies.
GALLERY
Anchored by Coles supermarket and Palace Cinemas, The Barracks also houses 23 specialty retail and hospitality venues, alongside more than 10,000 square metres of A-grade office space. The office component is fully leased, with tenants including engineering consultancy Hatch and the ASX-listed Southern Cross Media Group.
Owned by Fortius Brisbane Barracks Trust, which acquired the site in 2018 for $162.32 million, the asset will be marketed via an expressions-of-interest campaign this month. The campaign is being jointly managed by CBRE’s Bruce Baker, Peter Chapple, Joe Tynan, and James Douglas, in conjunction with Jacob Swan, Paul Noonan, Seb Turnbull, and Sam Hatcher of JLL.
The listing comes at a time of rapid change for the Petrie Terrace area, with population forecasts predicting 1.4 per cent annual growth, reaching an estimated 269,000 residents by 2046. Retail expenditure in the area is also tipped to rise by 3.9 per cent annually, reaching $9.9 billion.
CBRE’s Joe Tynan said the precinct would benefit from major infrastructure investment, including the nearby Roma Street Cross River Rail Station and the proposed Victoria Park Stadium, part of Brisbane’s 2032 Olympic Games masterplan.
Peter Chapple described The Barracks as a “blue-chip mixed-use investment opportunity” in a tightly held fringe CBD market. Jacob Swan added that it was one of only three comparable assets available in Brisbane’s fringe precincts.
According to CBRE research, retail property transactions in Queensland above $5 million have already exceeded $356 million year-to-date, marking a 25 per cent increase on the same period last year. The Barracks is expected to contribute meaningfully to that figure.
Images via The Urban Developer
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