Aware Real Estate has exchanged contracts to acquire 100% freehold ownership of the landmark mixed-use precinct, “The Barracks”, located at 61 Petrie Terrace, Brisbane QLD 4000. The asset, developed in 2008, comprises five interconnected buildings integrating heritage-listed Barracks with a modern A-grade office tower and a thriving retail precinct anchored by Coles and Palace Cinemas, spanning 19,433 sqm (10,393 sqm office + 9,040 sqm retail) and including 451 car bays.
The acquisition was secured with clear value-creation pathways – key initiatives include retail and F&B leasing activation, upgrades to the office buildings, and improved precinct placemaking. The Barracks also holds market-leading ESG credentials, with a 6-Star NABERS Energy Base Building rating and a 6-Star NABERS Water rating across both the modern and heritage office buildings, and hosts a ~335 kW rooftop solar installation supporting peak load reduction.
Aware Real Estate’s Head of Investments and Capital Transactions Pete Carstairs says, “The Barracks represents the type of strategic, high-quality urban asset that aligns with our long-term investment strategy. It offers immediate income and a clear opportunity to unlock further value through active asset management.”
Aware Real Estate‘s CEO Tracey Whitby says, “We’re excited by the opportunity to enhance the retail experience, improve the already high quality-office space, and partner with experienced local operators to elevate the asset’s performance. This acquisition further diversifies our national portfolio and reinforces our commitment to investing in vibrant, well-connected urban precincts.”
See the full press release here.
Read the article in The Australian here.
Tom Phipps and Ken Neufeld from Navigator Property Group provided strategic advice to Aware Real Estate during the transaction and will continue work with Aware Real Estate to drive long-term performance
The move is the latest by Aware Real Estate, which last year signalled its faith in the city’s offices market by picking up 145 Ann Street, a major tower in Brisbane’s CBD. See more about 145 Ann Street here.