GPO nightclub building in Fortitude Valley sold for $6.15m to NSW investors

One of best known buildings in inner-Brisbane’s party precinct has sold, but the new owners are keeping quiet on the nightclub’s future.

One of Fortitude Valley’s best known heritage buildings which became an icon in the entertainment precinct's night-life has been sold.

A private NSW-based investor paid $6.15 million for the vacant former GPO building at 740 Ann St in the heart of the Valley.

Built in 1887 in the Victorian Italianate architectural style, the building was the GPO Hotel and nightclub for many years before closing down and not reopening during the Covid-19 lockdowns last year.

Elliott O’Shea, who marketed the property with colleague Tim Jones and Tom Gleeson from JLL Hotels and Hospitality, said the campaign attracted more than 100 inquires from local and interstate buyers with varying ideas for the end use of the building including food and beverage, office and retail.

“The campaign generated very strong interest and resulted in seven competitive bids at close with the end purchaser buying on cash-unconditional terms, highlighting the continued strength of the market,” he said.

JLL’s Elliott O'Shea and Tim Jones at the now vacant Fortitude Valley GPO hotel.

“The purchaser is still considering the potential repositioning options with numerous tenants confirming their interest in leasing the property through the course of the sale campaign.”

According to CoreLogic the building last changed hands in 2016 for $5.25m when it was bought by the Victorian-based Schiavello Group

On a prominent corner totalling 956sq m with frontage to both Ann and Ballow streets the former GPO has two levels of improved space and 1345sq m in net lettable area which can be readily split into multiple tenancies.

The sale of continues JLL’s wave of recent deals in the area, with another $70 million in deals across varying asset classes including investments, development sites and vacant office soon to be announced.

Mr Jones said market sentiment, confidence and demand, particularly in blue-chip near-city locations, was very strong.

“We’re seeing benchmark results being achieved across multiple asset classes and a depth of unsatisfied capital which is likely to continue to drive pricing,” he said.