Growthpoint has put The Barracks mixed-use precinct on the edge of the Brisbane CBD on the market

A landmark retail, entertainment and office precinct is up for sale, with some saying it could achieve a nine-figure sum.

An aerial of The Barracks precinct on the edge of the Brisbane CBD.

A premium mixed-use precinct on the historic police barracks site on the edge of the Brisbane CBD is on the market with its owner hoping to cash in on the coming Olympic Games.

Developed by Property Solutions at QM Properties in 2008, The Barracks at 61 Petrie Tce had laid derelict for nearly 20 years.

It was transformed into landmark retail and commercial precinct, successfully integrating three of Brisbane’s key heritage-listed buildings with contemporary architecture and has been listed for sale by CBRE and JLL which will conduct the international expressions of interest campaign.

The agencies have refused to speculate on the price but sources say it should sell for more than $160m.

The 19,432 sqm centre comprises five separate buildings with a shopping precinct anchored by a Coles supermarket and Palace Cinemas, complemented by 23 food and beverage and retail specialties, along with contemporary office space.

It is being sold by CBRE’s Bruce Baker, Peter Chapple, Joe Tynan, James Douglas, along with Jacob Swan, Paul Noonan, Seb Turnbull, and Sam Hatcher from JLL.

The Barracks on the edge of the Brisbane CBD.

On a 1.1ha site, Mr Tynan noted The Barracks will benefit from substantial infrastructure development and population growth.

“The sale of The Barracks comes at a pivotal moment with projects such as the Roma Street Cross River Rail Station and the Victoria Park Stadium, part of the 2032 Olympics infrastructure plan, set to significantly enhance the precinct and surrounding area,” he said.

In addition to the thriving retail, The Barracks has more than 10,000 sqm of A-Grade office net lettable area predominantly leased to consulting engineering firm Hatch and ASX-listed Southern Cross Media Group.

The property last changed hands in 2018 when it was purchases by a syndicate through Fortius Funds Management from financial services company Challenger for about $162m.

In 2022 Growthpoint acquired Fortius Funds Management and The Barracks.

Mr Swan said The Barracks was one of only three such assets in Brisbane’s tightly held CBD fringe.

“We are expecting significant national and offshore interest in this campaign from a range of purchaser types, primarily due to the unparalleled location and further value upside from surrounding residential development, and also because there is a major undersupply of quality assets in the market,” he said.

Originally published as Growthpoint has put The Barracks mixed-use precinct on the edge of the Brisbane CBD on the market