Billionaire wharf precinct developers’ latest move
The hospitality powerhouse behind Brisbane’s Howard Smith Wharves, Artemus Group, has added a new site to their portfolio nearby.
Developers behind Sydney’s iconic Manly Wharf and Brisbane’s Howard Smith Wharves are cementing their place in the Olympic city close to where they’re spending $500m.
Artemus Group has been revealed as the new owners of a century old inner city property – an art deco building at 572 Brunswick Street, New Farm, which they intend to make their headquarters in 2032 Olympic city, Brisbane.
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Founders of the Artemus Group Adam Flaskas (left) and Paul Henry (centre), with their CEO Luke Fraser, at Manly Wharf earlier this year.
The group has bought an art deco property whose history dates back 100 years in New Farm.
RWC Retail agents Michael Feltoe and Lachlan O’Keeffe sold the 1,359sqm building to Artemus for $9.5m. It is known to locals as the Rivoli Theatre, with a history going back 100 years including being an open-air picture theatre, a skating rink, dance palais, dry cleaners, tyre shop and mostly recently the local IGA Marketplace for two decades before the sale.
It was sold with vacant possession, with Artemus Group founder Adam Flaskas confirming it would be turned into their Brisbane HQ.
(Left to right) Felons Brewing Co brand director, Dean Romeo, Artemus Group co-owner Adam Flaskas and Felons brewing director Tom Champion at the highly successful Howard Smith Wharves development.
The site will become the Artemus Group’s 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”.
Mr Feltoe said there was significant demand for the building given how close it was to the Brisbane CBD.
“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.”
The New Farm property had over 500 enquiries with 14 registered bidders.
The property was leased by IGA for two decades previously.
“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.”
The property had been bringing in a fully-leased net income of $339,268 plus GST for former owners, New Farm locals Alex and Kitty Mackay, who held it for over 30 years.
“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.”
