NIGHTLIFE SHAKE-UP AMID SALE BID FOR TIVOLI

Written on the 1 March 2016

NIGHTLIFE SHAKE-UP AMID SALE BID FOR TIVOLI

THE Tivoli in Fortitude Valley faces potential redevelopment after the iconic entertainment venue was listed for sale.

Property developers the O'Rourke family, who owns The Tivoli, have been trying to sell the business as a going concern to music industry operators for the past four years with little interest from the owner-occupier market.

The death of family patriarch John O'Rourke from Parkinson's disease last year has prompted the sale of the property as part of the settlement of a family trust.

Property owner and son John O'Rourke says the family remains hopeful The Tivoli will continue to operate as a venue for live music, comedy acts and functions.

"We love The Tivoli and are proud of the business we built in a relatively short time," O'Rourke says.

"However, my mum now needs care and my four sisters all have families, so it's time for us to move on.

"Maybe the next decade will see another change for The Tivoli; an owner-operator could potentially buy and continue what we started but, regardless, it holds many special memories for our family."

The family has offered to establish a trust for investors to purchase The Tivoli so its legacy can live on.

The building was originally built in 1917 and restored with an art deco style. The O'Rourke family purchased it during an administrator sale just over a decade ago before converting it into The Tivoli.

Colliers International and Cushman & Wakefield are marketing the property via an expressions of interest campaign which closes on March 10.

While the agents have not given an indicative price range for the property, a previous sales campaign in 2013 was expected to produce a deal around the $10 million mark.

The Tivoli, located at 52 Costin Street near dining and retail precincts, is being marketed as a development opportunity as there is no heritage protection.

With the sale potentially delivering another hit to Brisbane's live music scene in the wake of Labor's lockout legislation, a petition on Change.org has already attracted close to 3000 signatures in favour of a heritage listing.

Colliers International associate director of investment sales Hunter Higgins says the campaign has been shared across Australia and international markets.

"We have had over 2100 engagements via the internet and 80 direct enquiries from prospective purchasers seeking additional information on the asset," Higgins says.

"Considering The Tivoli has a five-year lease with a five-year option, we are getting investors and owner occupiers displaying interest in the opportunity. However, with the campaign still in progress it is difficult to determine the likely outcome."

The Tivoli has performances and a number of sold-out shows booked until early September.

 


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