Artemus Group, the hospitality company behind Brisbane’s Howard Smith Wharves, has expanded with the purchase of an iconic property in New Farm.
The group, which also owns Sydney’s Manly Wharf, acquired the historic building at 572 Brunswick Street for $9.5 million during an auction campaign led by Michael Feltoe and Lachlan O’Keeffe of RWC Retail.
The 1,359sq m building, which occupies a prominent 2,156sq m corner site, had been tenanted by IGA Marketplace since 2004 and was sold with vacant possession.
Mr Feltoe said the unique prospect so close to the Brisbane CBD created significant demand.
“We received 511 enquiries during the campaign, attracting interest from a diverse mix of retail, medical, and office owner-occupiers, as well as investors and developers who all had a wide range of unique concepts,” Mr Feltoe said.
“The auction room was packed on the day, with 14 registered bidders – a clear sign of the continued flight to quality as we head into 2025.”
Artemus Group founder and director Adam Flaskas confirmed the property will become the group’s new Brisbane headquarters.
“We hadn’t taken a close look at the building until the week before the auction,” Mr Flaskas said.
“But Michael was persistent in following us up and once we inspected, we were drawn to the heritage art-deco facade, its proximity to our Wharves, the 28 car parks, and, as New Farm locals ourselves, we couldn’t pass up this opportunity for our headquarters.”
Known as the Rivoli Theatre to locals, the heritage-listed building has a storied past spanning over a century.
Originally an open-air picture theatre, it later served as a skating rink, dance palais, dry cleaners, tyre shop and eventually a supermarket.
With a fully-leased net income of $339,268 + GST, the sale reflected a yield of 3.57 per cent.
For New Farm locals Alex and Kitty Mackay, who owned the building for over 30 years, the sale was both emotional and rewarding.
“This was our first time selling through auction, and we were quite nervous,” Mrs Mackay said.
“We’re thrilled with the outcome – not only did we get a great sale price, but we’re pleased to see the property remain in local hands.”
