Iconic nightclub The Beat sold to developers
The building home to iconic Brisbane nightclub The Beat has sold to developers for $13 million, with the buyers’ agent who brokered the deal highlighting the site’s development potential.
The multi-roomed “megaclub” and gay bar was opened on Ann Street in 1983 by John Hannay, and has been a staple of the Fortitude Valley scene since.
Hannay died from cancer in 2019 , and the club has been run by his nephew Ross Hannay in recent years.
Buyers’ agent Costi Cohen announced the sale on social media, revealing they had paid $13 million for the freehold site for Sydney-based developers BENTINO.
In the post, Costi Cohen said the 1200 square meter club was still generating $900,000 in annual income.
“But what really got our attention was the future development potential,” the video states, claiming the $10,600 per square metre price was a bargain for the inner-city precinct.
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on www.watoday.com.au — the content belongs to WAtoday.
