In a notable shift within Brisbane's premier entertainment precinct, a Hungry Jack’s outlet has taken over a prime retail location in Brunswick Mall, previously occupied by its chief competitor.
The fast food chain has secured a 13-year lease on a strata-titled retail space on the ground floor of the historic McWhirters building in Fortitude Valley. According to CoreLogic, this space became available after McDonald’s relocated across the street to 275 Brunswick Street, a property it purchased for $3.425 million in mid-2022.
Guy Stafford from McGees Property, who facilitated the deal alongside colleague Liam Ghietti, noted that McDonald’s had operated in the McWhirters building for nearly two decades. He also highlighted that this is the first Hungry Jack’s outlet to open in the precinct. “We managed the property and oversaw the de-fit process following McDonald’s departure,” Stafford explained.
During the transition, the property management team engaged with several potential tenants. However, leasing the space presented challenges due to its location in a very old building and its incorporation within a body corporate structure. The property offers a lettable area of 131 square metres, which includes a 40 square metre outdoor area and 16 square metres of storage space. The lease terms also include two 10-year extension options, with Hungry Jack’s set to pay $205,000 per year in net rent.
Stafford described the transaction as a “very unusual deal.” He explained that it is rare for McDonald’s to vacate a location, but due to the age of the tenancy, the space was no longer ideal for their operations. "The key for McDonald’s was to maintain uninterrupted trading, so we coordinated the opening of their new site just moments after the closure of the McWhirters location," he said.
Liam Ghietti added that they received numerous expressions of interest from both national and international fast-food brands. “These brands typically operate in food courts or shopping centres, so it took some time for them to understand how the dynamics of the mall work,” he explained. “We now deeply understand the requirements of active food and beverage operators across Brisbane.”
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We know Fortitude Valley
Fortitude Valley, commonly known as "The Valley," is one of Brisbane's most dynamic and vibrant suburbs, offering a unique blend of commercial and residential spaces. Located just 1.5 kilometers northeast of Brisbane's Central Business District (CBD), Fortitude Valley has long been a hub for entertainment, culture, and commerce. Over the years, it has transformed from a gritty, industrial area into a thriving precinct that caters to a diverse range of businesses and demographics.
Commercial Property Market in Fortitude Valley
Fortitude Valley's commercial property market is characterized by its eclectic mix of modern office spaces, heritage buildings, and boutique retail spaces. The area has become increasingly popular among startups, creative industries, tech companies, and professional services firms, drawn by the suburb's proximity to the CBD and its vibrant atmosphere. The demand for office space in Fortitude Valley has remained strong, with new developments continuing to emerge alongside the preservation of historical architecture, offering businesses a range of leasing and purchasing options.
Sales and Leasing Overview
The sales and leasing market in Fortitude Valley is competitive, driven by both local and international investors seeking to capitalize on the area's growth potential. Commercial properties in the Valley range from small retail units and creative workspaces to large-scale office buildings, catering to a broad spectrum of business needs. Leasing activity is robust, with high occupancy rates, particularly in modern, A-grade office buildings and well-located retail spaces along key thoroughfares like Brunswick Street and Ann Street.
Fortitude Valley's commercial leasing market is further bolstered by its excellent public transport links, including train and bus services, as well as its accessibility to major roads and highways. This connectivity, combined with the suburb's rich cultural scene and lifestyle amenities, makes it an attractive destination for businesses looking to establish a presence in Brisbane.
The Future of Fortitude Valley's Commercial Sector
As Fortitude Valley continues to evolve, the commercial property market is expected to see sustained growth. Ongoing infrastructure improvements and new developments are likely to enhance the suburb's appeal further, making it a key player in Brisbane's commercial landscape. Investors and businesses alike can expect Fortitude Valley to remain a vibrant, sought-after location, offering a dynamic mix of opportunities for both sales and leasing in the years to come.
This introduction showcases our deep understanding of Fortitude Valley's commercial property market and positions us as experts in navigating this competitive landscape. Whether you're looking to buy, sell, or lease commercial property in Fortitude Valley, our expertise and insights will ensure you make informed and strategic decisions.
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