Scott Hutchinson to spend $40m to replace Brisbane's Festival Hall
Sky-high prices for development land are hurting the viability of live music venues but the patron of Q-Music and chairman of construction company Hutchinson Builders, Scott Hutchinson, has fought back spending $23.5 million on a prime property in Brisbane to bring in the music lovers.
“The value of development land has gone above what music can pay,” Mr Hutchinson said. “So it’s either the government or philanthropists like us who have to step in.”
The company will end up spending a total of $40 million to purchase and transform the existing site on the Brunswick Street Mall in Fortitude Valley into the biggest live music venue in inner Brisbane.
It will have enough capacity for more than 3300 people and will be the biggest live music venue in Brisbane since Festival Hall on Elizabeth Street, which was demolished to make way for high-rise apartments.
“Brisbane desperately needs something to replace Festival Hall,” Mr Hutchinson said. “Developers have priced up the value of units so high it shifts the price of the land up and music venues can’t compete.”
The new venue 312 Brunswick will be operated by a consortium including Mr Hutchinson in collaboration with former Powderfinger member John Collins and Paul Piticco from Secret Sounds Group.
Music ‘critical to area’s success’
Developers in the Fortitude Valley area are already singing Mr Hutchinson’s praise including Financial Review Rich Lister Tim Gurner who has just developed and sold more than 500 apartments a few hundred metres away from where the live music venue will be.
“Good on him – the more the better,” Mr Gurner said. “The reason why we built these apartments in Fortitude Valley was because of the music and the nightlife and activity – its critical to the success of the place.
“It’s no different to the importance of music venues like the Espy Hotel in St Kilda or the Tote in Collingwood or even the Cross [Kings Cross] in Sydney.”
The decision to invest in the the new music venue has been supported by Brisbane’s Lord Mayor Graham Quirk
“It’s great to have local entrepreneurs helping to create new lifestyle and leisure opportunities in Brisbane – particularly in the redeveloped Brunswick St Mall,” he said. “This is yet another venue that will add to our reputation as having a world-class entertainment scene”.
CBRE’s Peter Court and Mike Walsh negotiated the sale of the property on behalf of property fund manager EG Funds Management.
“The purchaser’s long-term vision and desire for this place to be Brisbane’s music Mecca is a great asset to the city. We think the price does reflect the uniqueness of the offering.”
Musicians such as John Collins, who has already helped establish the smaller live music venue Triffid, said such an investment would go a long way in putting Brisbane on the music map.
“I guess our hunch about the potential growth of the live music scene has paid off in spades …I think that venues created for music by musicians add something extra to the whole experience for both audiences and performers.”
