_Les Bubbles building in Brisbane’s Fortitude Valley sold

• The heritage-listed Les Bubbles building at 144 Wickham Street in Fortitude Valley has sold for $1.85m
• The property was purchased by a local investor who intends to hold the property in the long-term
• It was sold by Sunshine Coast investors Shaun and Sam Juniper, who had owned the property for four years
• The historic building, which gained notoriety in the 1980s during the Fitzgerald Inquiry, has a total net lettable area of 543sq m on a 238sq m site
• The sale was negotiated by Christian Sandstrom of Knight Frank

Brisbane, Australia – THE HISTORIC and infamous Les Bubbles building in the heart of Fortitude Valley’s retail and entertainment precinct in Brisbane has sold for $1.85 million.

The property at 144 Wickham Street was purchased by a local investor who already owns three other heritage-style buildings in the immediate vicinity and intends to hold the property in the long-term.

It was sold by Sunshine Coast investors Shaun and Sam Juniper, who had owned the property for four years, in a deal negotiated by Christian Sandstrom of Knight Frank following an Offers to Purchase campaign.

The heritage-listed Les Bubbles building, which was built in the 1920s, is fully leased with the major tenant being the Les Bubbles restaurant.

The building has a total net lettable area of 543sq m on a 238sq m site, with Les Bubbles occupying 362sq m and Bodycare Therapy Centre occupying the remaining 181sq m.

The Les Bubbles building gained some notoriety in the 1980s when it was named in Queensland’s Crime and Corruption Commission’s Fitzgerald Report as the site of an illegal casino on the upper floor, and a brothel called Bubbles Bathhouse on the ground floor.

It has been home to the iconic Les Bubbles restaurant since 1982, and serves as a landmark steakhouse to the surrounding near-city area.

Mr Sandstrom said there was strong buyer interest in the opportunity given its colourful history dating back to Queensland’s Fitzgerald Inquiry, as well as its current use.

“The Les Bubbles building is an iconic landmark in Brisbane given its history, and the Les Bubbles Steakhouse, which specialises in Steak Frites, is very popular in the city,” he said.

“We received 52 enquiries from potential buyers during the campaign, resulting in four competitive offers at the campaign close, and it was sold on an unconditional basis.

“The investment opportunity was highly sought after given its sub-$2 million price point and its location in the heart of Fortitude Valley in Brisbane’s inner city, being situated on a major thoroughfare and surrounded by amenity and transport.

“The asset is primed to benefit from the continuous transformation of the Fortitude Valley precinct, with projects including the Valley Metro redevelopment and Cross River Rail.

“The property attracted interest mainly from local private investors as well as other hospitality owner- operators looking to capitalise on the resurgence of the restaurant and entertainment sector now COVID restrictions have been lifted and patrons have returned.

“The opportunity is there to reposition the asset in the future through potential refurbishment and renegotiation of upcoming leases.”

Mr Sandstrom said quality investment opportunities in Brisbane were still sought after despite a pause in the market following interest rate rises last year, and activity had picked up.

“I am just about to launch a sale campaign for another two hospitality and entertainment investments in the Fortitude Valley nightlife precinct that will also appeal to a number of the under bidders from the Les Bubbles building,” he said.

A heritage character commercial building totalling 534sq m on 207sq m at 198 Wickham Street and home to The Candy Club is up for sale, along with a 341sq m strata title premises at 31/351 Brunswick Street, home to OMFGs.

These assets will be taken to the market via a four-week Offers to Purchase campaign commencing next week.

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 For further information, please contact:

Vanessa De Groot – Marketing & Communications, Knight Frank

Vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.