The Barracks hits the market

Premium mixed-use precinct, The Barracks, has been listed for sale offering an opportunity to acquire an asset positioned to benefit from Brisbane’s rapid growth.

CBRE’s Bruce Baker, Peter Chapple, Joe Tynan, James Douglas, along with Jacob Swan, Paul Noonan, Seb Turnbull, and Sam Hatcher from JLL, will manage the sale via an International Expressions of Interest campaign set to commence mid-May 2025.

Located at 61 Petrie Terrace, The Barracks is a true mixed-use commercial, retail and entertainment precinct. 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 & beverage and retail specialties, along with contemporary office space.

CBRE’s Joe 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,” Mr Tynan added.

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

“Boasting 100% office occupancy, The Barracks stands out as a blue-chip mixed-use investment opportunity in Brisbane's commercial real estate market,” Mr Chapple added.

The Barracks is located on a prime site of approximately 1.09 hectares on the fringe of the Brisbane CBD. The evolving precinct is forecast to experience a 1.4% p.a. population growth to around 269,000 by 2046 supported by a 3.9% main trade area retail expenditure growth to $9.9 billion.

JLL’s Jacob Swan noted the centre 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,” Mr Swan added.

According to CBRE research, retail transactions in Queensland for sales over $5million have surpassed $356 million year-to-date, representing a 25% increase compared to the same period last year.