Fortitude Valley is undergoing a major identity change with over $10 billion dollars’ worth of projects going live over the coming years as part of the new neighbourhood plan. Some of the new exciting developments include; Howard Smith Wharves, FV Fortitude Valley, Fortitude Valley Music Hall, The Callie Hotel and X Cargo Open air night club to name a few.
One of the major rejuvenation projects has been the upgrade of Brunswick Street Mall transforming the current daytime thoroughfare into a day and night cultural entertainment and dining hub. The mall is well known for its active nightlife and music but lacking in daytime activity and connections to China Town. This is a great opportunity for investors and owner-occupiers to reposition their assets or to explore exciting new opportunities for growth whilst this change is happening. Now is the time for current owners to review their tenant mix and think about how to attract good quality tenants. Solutions may include offering attractive rental incentives along with quality marketing campaigns targeting key businesses.
Two major projects changing the shape of Fortitude Valley is the new Valley Metro Upgrade and the Fortitude Valley Music Hall. The Fortitude Valley Metro upgrade will create a centrepiece for urban design and pedestrian flow with a new arcade link from Alfred Street opening a significant connection to the mall and the Valley precinct. The new Fortitude Valley Music Hall, a 3,300-capacity venue located on Brunswick Street Mall will set a new tone for the Valley creating a new buzz for the area and opening a great opportunity for retailers and food operators to reposition their businesses in line with the new clientele driven to the new venue and take advantage of some new peak periods of activity.
With the new upgrade to Brunswick Street Mall, as well as many major projects just completed or planned for completion in the near future, Fortitude Valley is growing up fast. It is becoming a thriving music scene, a retail destination, a food-lovers ‘go to place’ but mainly a suburb where density of living is growing quickly and where people move to enjoy the trendy inner-city lifestyle. As a property owner, now is a time to review where your property sits in the Fortitude Valley marketplace and assess if it’s keeping up with the trends. Should you renovate, increase your lettable area, demolish and build a new development, renegotiate long leases with your sitting tenants, attract new tenants before your competition has finished building, or assess whether you should increase or reduce your rental rates? The risk of becoming outdated may cost you in a number of ways. You may lose good tenants to a new completed building offering all kinds of incentives (rent free periods, fitout contributions, covering relocation costs, etc), or you may miss out selling your property at its top dollar if you miss the peak of the cycle, or you may not be able to attract new tenants if your building is not what tenants want anymore. The Valley is well on its way to growing into a world-class precinct, so make sure you don’t miss the boat!
If you need any advice, Hamish Armstrong from FAL Property Group is a local expert. Give him a call so he can walk you through the exciting changes happening in the Valley and how you could benefit in the future.