Brunswick St Mall, Fortitude Valley, will dramatically change in mid-2019 when the new, $40 million refurbished event, theatre and function space opens. The multi-use venue at 312 Brunswick St, purchased by the owners and operators of The Triffid and private entity Scott Hutchinson of Hutchinson Builders, will change Brisbane’s live entertainment landscape.
The project will fill the void left in the Valley upon the closure of Festival Hall in 2003. Nearly 16 years later, 312 Brunswick St will meet the growing demands for an alternative to the current event spaces and live music venues in Brisbane, by providing space to hold 3,500 people. The development will also offer roughly 1000m_ of retail space.
The initial vision for the project is a modernized 50’s façade – a tribute to its former life – which will be a focal point in the newly developed Brunswick St Mall. The same acoustic and service team that designed The Triffid will be purpose-designing the interior.
Work on the project is expected to begin this month.
So we ask the question – is this a plus for Fortitude Valley property prices or a negative?
We have looked in the past at the correlation between public facilities and property prices, and unfortunately, very little quality research has been done to give us an emphatic answer. The most common research has been done on the correlation between new train stations and a rise in property prices, and they have found that there is a loose (so low correlation) connection between them.
So our opinion is – a very mild yes! It should have a positive impact on property prices providing you are outside the immediate ‘sound’ zone. The Valley is already famous as a party hot spot, so this venue will simply reinforce that perception and will simply increase the attractiveness of the area to a very similar demographic.
It will have a negative impact, we think, on property right beside the venue simply due to the noise and overall activity that it will attract. Again we would think that this would be very mild, but we would expect some effect.
For more information, see this post by brisbanedevelopment.com