Costi Cohen secures prominent Ann Street corner site for BENTINO, delivering approximately $900,000 in net annual income at a ~7% yield.
BENTINO has expanded its Queensland commercial property portfolio with the acquisition of 669–683 Ann Street, Fortitude Valley for $13 million, secured by commercial buyers agency Costi Cohen.
The prominent Ann Street corner site, currently home to The Beat Megaclub, generates approximately $900,000 in net annual income and was acquired on a ~7% yield, combining strong existing income with longer-term development potential.
The acquisition marks BENTINO’s second Queensland purchase secured by Costi Cohen in just one week and its third Queensland acquisition with the agency in three months, including Petrie Shopping Village and the nearby adjoining site.
Tas Costi and Sasha Rodriguez of Costi Cohen acted exclusively for BENTINO, securing the property from selling agent Michael Gard of Gard Property. The property was originally guided at $15-$16 million.
The Beat has operated from the Ann Street site for more than 40 years benefiting from strong exposure to Fortitude Valley’s established entertainment and hospitality precinct.
“Fortitude Valley is undergoing a significant transformation and The Beat is positioned at the centre of that change. For BENTINO, the acquisition was an opportunity to secure a recognised freehold asset with strong existing income in a precinct experiencing continued growth, with further potential over the long term.”
Tas Costi, Co-Founder, Costi Cohen
“We acquire for the long term, and this site brings together everything we look for: a commanding corner position, strong income from day one and the potential to create further value over time.”
BENTINO spokesperson
The latest purchase adds a substantial income-producing freehold asset to BENTINO’s growing commercial property portfolio and further expands its presence in Brisbane’s inner-city market.
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