In the wake of encouraging results from a recent wide spread live music venue management plan in Brisbane’s live music precinct, Fortitude Valley, two live music venues have surprisingly put up ‘For Sale’ signs.
According to The Shout, hotel real estate broker Jones Lang LaSalle has recently announced the sale of The Met – one of the area’s largest venues, fronting Wickham Street, with five separate bars and capacity for 1,800 – with Expressions of Interest for the property closing November 22.
The Brisbane nightclub, famous for attracting dance music identities and DJs, including Steve Aoki and The Stafford Brothers, has opted to obtain new ownership, even with its proven successful track record and local popularity.
Speaking to The Shout, the pub’s sales manager Paul Fraser announced his excitement at the prospects of a new owner cashing in on The Met’s profitability. “The popularity of Fortitude Valley continues to be unparalleled in the Brisbane market, and The Met is a huge part of this sustained popularity,” said Mr. Fraser.
“In this market, opportunities to acquire a huge cash business like this with a strong proven bottom line are rare.” Adding that, “The Met is the most significant leasehold opportunity to come on to the market in recent times.”
Coinciding with the announcement, fellow Fortitude Valley live music venue The Step Inn has also announced its plans to sell, with the iconic alternative music venue due to go under the hammer on November 15.
Situated on Brunswick St, the popular night spot has this year hosted local hip-hop players such as Joelistics (TZU), Bias B and Evil Eddie as well as alternative rock outfit Calling All Cars.
Commercial Real Estate Service CBRE’s Glenn Price and Joel Fisher will lead the sales campaign prior to the auction date. Commenting on the venue’s potential, Price said: “the hotel itself is a blank canvas with the potential for a complete redesign by an incoming operator.”
Further adding that he was also open to the idea of reshaping the venue: “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.”
The sales campaigns come after Brisbane’s Fortitude Valley celebrates the successful trial of a ‘Drink Safe Precinct’, which resulted in a decrease in alcohol-related violence.
Potential buyers will be encouraged by the recent improvement in social behavior in the area, which should greatly reduce the number of venues receiving unwelcome police attention due to rowdy patrons, and sending the value of local properties up as business increases.
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.”
This also coincides with the multi-million dollar investment in public areas and infrastructure by the Brisbane City Council’s Urban Renewal Taskforce, which has taken place over the last few years.
The potential buyers of the live music venues however may be looking to increase their value through other means besides gigs and DJs, with property developers looking to get the biggest dollar they can from their investments.
Previous experience tells us that the auctions don’t always go to property owners with intentions of cultivating the live music scene. Such as the auction of landmark Brisbane music venue The Tivoli, which was derailed earlier this year by a neighbouring property owner and developer after an eleventh hour legal challenge to the auction was mounted.
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