Wynnum CBD’s 24 Bay Terrace to undergo major facelift ahead of leasing

A building in the heart of the CBD on Brisbane’s bayside will undergo a major facelift after investors snatched up the site, which had been in the same family for more than 60 years.

A new era for a site at 24 Bay Terrace, Wynnum with the building sold to local investors after more than 60 years in the same family.

A building in the heart of the CBD on Brisbane’s bayside will undergo a major facelift after investors snatched up the site, which had been in the same family for more than 60 years.

Zac Dean from KD Special Projects confirmed 24 Bay Terrace, Wynnum had been sold over the past week to local investors “who already have projects and other investments in the area”.

The site had been in the Peterson family for more than 60 years and had been a Thai restaurant for a large portion of that time.

Over the last 25 years, the restaurant had changed management and names several times from being called Mekong and more recently Thai D Thai, which announced its closure last month.

The site of 24 Bay Terrace, Wynnum in 1999 as a Thai restaurant.

Mr Dean also confirmed the new owners would be refurbishing the building before leasing it to a new business.

“The buyer is a local investor that is going to tidy up the property and re-let it,” he said.

“They will pump some fresh blood into it, which is much needed.

“They are very excited and look forward to welcoming a new business to the area.

A new era for a site at 24 Bay Terrace, Wynnum with the building sold to local investors after more than 60 years in the same family.

“From my perspective it was a privilege to be appointed to sell the property on behalf of the owners having been in the same family for over 60 years.

“It is another positive step forward for the area.”

Mr Dean also said the new owners would be open to any type of new business going into the site, including the possibility of another restaurant.

The building is also home to Hair Elegance Salon, which is still currently operating.

Nick Peterson, whose mother was the last owner before it was sold last week after it was handed down from his grandfather 63 years ago, said it was “just time”.

A new era for a site at 24 Bay Terrace, Wynnum with the building sold to local investors after more than 60 years in the same family.

“There’s been doctors, chemists, accountants, real estate agents, hairdressers, thai restaurants, dog grooming, child art - anything and everything has been in that building over time,” he said.

“It’s just time, rather than go through finding a new tenant after the previous Thai restaurant moved out, we’d just let the new people worry about it.

“It’s a bit sad to not have it in the family anymore definitely.

“When my grandfather first got the building, he said this place is going to be booming soon, he thought it was a natural progression that as Brisbane grows bigger, places like (Wynnum) will too.

“His timing might have been a bit out but he was eventually right.”

Mr Peterson said he hoped the new owners “injected some new life” into the building.