A classic building with great future
TC Beirne, is a modernized colonial building in the vibrant and rapidly growing Fortitude Valley district of Brisbane, Australia. Elegant and classic on the outside, the building is ultramodern on the inside, however, and houses an innovation hub and startup incubator, among other things. In sun-drenched multifunctional spaces, people work together, create synergies and generate forward-looking ideas.
Key facts
- Listed commercial and office building
- 11,300 sqm of office space and 3,200 sqm retail
- Dynamic location with huge growth potential
A location with huge potential
Following our principle of “you can change everything about a building but its location”, we acquired the building in early 2019 by way of an off-market transaction. It’s not just the stunning blend of history with the latest technology that makes this building attractive, but its location in Fortitude Valley, one of the most dynamic urban renewal zones in Australia.
Adjacent to the Central Business District (CBD), it is home to a young creative scene. Aside from start-ups, the district also attracts established companies flocking to the area to take advantage of generous floor plans and the dynamic environment. As a result, Fortitude Valley is now the second-biggest office market, with an impressively low vacancy rate of just 5 percent.
With traditional industries increasingly losing their relevance, the state is focusing on the industries of the future. In the course of this transformation, the capital of Queensland is developing into an attractive center of technology and biotechnology which is increasingly drawing universities as well as state and private research institutions and enterprises.
A bright future
Constructed in 1902 as a department store, the listed building was extensively renovated with great attention to detail with the original building stock preserved wherever possible.
The State of Queensland used the building to establish a start-up incubator which offers local support and advice to young enterprises. As a consequence, the offices in the TC Beirne are mostly populated by young entrepreneurs who are taking advantage of the ultra-modern technological equipment, spacious rooms and excellent infrastructure. The building also has excellent transport links: Fortitude Valley train station is within five minutes walking distance and the airport is just 20 minutes away. With the urban renewal program gathering pace, our value-add strategy of full occupancy of the ground floor should yield a healthy return.
