Aware Real Estate has acquired The Barracks in Petrie Terrace for about $150 million, with plans to activate new leasing and upgrade facilities across the mixed-use precinct.
Background and Site History
The Barracks at 61 Petrie Terrace was developed in 2008 by Property Solutions with QM Properties. The 1.09-hectare site integrates three heritage-listed buildings with a modern A-grade office tower and retail spaces, totalling 19,433sq m across five buildings. It includes 10,393sq m of office space, 9040sq m of retail tenancies and 451 car bays.
The precinct was acquired in 2018 for $162.32 million by Fortius Brisbane Barracks Trust, an unlisted single-asset vehicle.
Details of the 2025 Acquisition
On 30 and 31 October 2025, Aware Real Estate exchanged contracts to purchase full freehold ownership of The Barracks for approximately $150 million. The sale was managed by JLL and CBRE. Navigator Property Group advised Aware Real Estate during the transaction and will continue to work with the group on long-term asset planning.
Planned Upgrades and Leasing Activation
Aware Real Estate has outlined several value-creation strategies for the precinct. These include activating vacant food and beverage tenancies, improving the presentation of the centre and undertaking upgrades to the office buildings. The group is also preparing for a future relaunch of the precinct once key works are completed.
Market Factors Influencing the Purchase
The purchase aligns with Aware Real Estate’s broader Queensland expansion, following its acquisition of 145 Ann Street for $215.5 million. The group noted strong performance in Brisbane across office, retail and industrial assets.
Nearby development activity includes new residential, build-to-rent and student accommodation projects. Aware Real Estate also expects long-term uplift from infrastructure linked to the Brisbane 2032 Olympic Games.
Environmental Credentials
The Barracks holds 6-Star NABERS Energy and Water ratings across both modern and heritage office buildings. A rooftop solar installation of about 335kW supports peak load reduction across the precinct.
Next Steps For The Precinct
The group plans to improve retail activation and building performance before relaunching the precinct. Upgrades are expected to enhance the role of The Barracks as a mixed-use destination in Petrie Terrace.
Published 4-Nov-2025
