Pubs for sale as Fortitude Valley tamed
Two Fortitude Valley hotels have hit the market as the Brisbane hotspot celebrates the successful trial of a Drink Safe Precinct.
The Valley Liquor Accord (VLA) said the Drink Safe Precinct achieved its objective of an all-encompassing management plan, ensuring the area's continued growth and prosperity, whilst "maintaining the utmost levels of safety and amenity for the public".
With initiatives such as 'safe zones', improved transport options including innovative taxi schemes, as well as high visibility police patrols, the VLA has contributed to the reduction of alcohol-fuelled violence in the area and set the benchmark for liquor accords in the state.
Speaking to TheShout, Valley Chamber of Commerce director, Carol Gordon, said initiatives such as free voluntary police audits of venues had been effective and operator cooperation had been paramount.
"All parties are very conscious to improve safety in the immediate area," Gordon said.
The news came as hotel real estate broker Jones Lang LaSalle (JLL) announced the sale of The Met – one of the area's largest venues, fronting Wickham Street, with five separate bars and capacity for 1800.
"The 'Met' is the most significant leasehold opportunity to come on to the market in recent times," says JLL manager – pub investment sales, Paul Fraser.
"The popularity of Fortitude Valley continues to be unparalleled in the Brisbane market, and The Met is a huge part of this sustained popularity. In this market, opportunities to acquire a huge cash business like this with a strong proven bottom line are rare."
The Met long-term leasehold is for sale by Expressions of Interest, closing November 22, 2012.
Meanwhile, CBRE has announced the sale of the Valley's Step Inn, featuring high visibility on Brunswick Street, the hotel licence and ten poker machine permits.
The campaign will be steered by CBRE's Glenn Price and Joel Fisher ahead of an auction on November 15.
With a reputation as a popular alternative music venue, an inner city location and future development potential, the property is expected to generate considerable interest.
"The hotel itself is a blank canvas with the potential for a complete redesign by an incoming operator," Price said.
"Alternatively, there is a strong underlying property value and potential for further development of the site under current council guidelines, subject to the relevant planning approvals."
Fortitude Valley has undergone a massive transformation over the past few years, led by a multi-million dollar investment in public areas and infrastructure by the Brisbane City Council’s Urban Renewal Taskforce.
Source: The Shout, 12 October 2012
