The Barracks, one of Brisbane’s most prominent mixed-use precincts, is now on the market, offering a rare opportunity to secure a premium asset positioned to benefit from the city’s rapid transformation and infrastructure-driven growth.
Read: Discover the Rich History of The Barracks in Paddington
Situated at 61 Petrie Terrace on the fringe of the CBD, The Barracks spans 19,432 square metres and features a dynamic blend of retail, office, and entertainment spaces. The precinct is anchored by a Coles supermarket and Palace Cinemas, supported by 23 food and retail tenancies, and boasts more than 10,000 sqm of A-Grade office space, fully leased to major corporate tenants.
In 2022, Growthpoint Properties Australia acquired Fortius Funds Management and with it, The Barracks—marking a significant addition to its national portfolio of commercial property assets.
Beyond its commercial appeal, The Barracks site has an interesting and rich history. It retains three heritage-listed buildings from its time as a police facility: the original stables built in 1912, a three-storey brick barracks from 1939, and the radio communications centre, constructed in 1941. These historical features add cultural significance and architectural character to the modern precinct.
The sale comes at a time when Brisbane’s inner-west is undergoing significant change, driven by major infrastructure projects such as the Cross River Rail and the upcoming Victoria Park stadium, both part of the city’s preparations for the 2032 Olympic Games. These developments are expected to boost connectivity and foot traffic, enhancing The Barracks’ long-term value.
The precinct is set within a catchment forecast to experience steady population growth, reaching around 269,000 by 2046. Retail spending in the main trade area is also projected to climb to $9.9 billion, underlining the area’s rising commercial appeal.
Read: Paddington Gaol Turned Lifestyle Barracks Still a Landmark
As one of just three comparable assets in Brisbane’s CBD fringe, The Barracks stands out in a market marked by limited supply and growing demand for high-quality mixed-use investments. With strong existing occupancy, heritage charm, and future upside from surrounding residential development, the property is expected to attract strong national and international interest when the international expressions of interest campaign launches in mid-May 2025.
Published 21-May-2025
