Brisbane's nightclub The Met is on the market
One of Brisbane’s biggest and best known nightclubs and live music venues is on the market.
The Met, in Wickham Street, Fortitude Valley, was bought by current owners Trent Meade and Matt Blyth, directors of Revelry Entertainment and The Met Nightclub, four years ago for about $3.5 million from Cole Enterprises.
In that time it has hosted electronic dance music acts including Skrillex, Hardwell and Steve Aoki, has a maximum 5000-patron capacity and five separate bar areas.
The venue has five separate bar areas. Photo Supplied.
The venue is part of the Happy Valley building, behind the Fortitude Valley station. Photo Supplied.
“It is the right time to exit with the business extremely profitable, and still offering enormous upside for the next operator,” Mr Meade said.
The pair also own The GPO Hotel, also in Fortitude Valley, and are selling to move into the food-and-beverage market, with a new CBD venue opening next year.
The venue is part of the Happy Valley building and backs on to the Fortitude Valley train station. The sale comes with about 40 years left on the lease, with options to extend.
Food and gaming components could be added to the venue, which has a commercial hotel license. Photo Supplied.
That precinct is undergoing a $500-million redevelopment by LaSalle Investment Management into a residential and commercial hub, which Ray White agent Glenn Price believes will breathe new life into the area.
“The project will provide a significant boost to the Brisbane economy, and have a lasting uplift to Fortitude Valley and local business,” he said.
“The Valley Metro redevelopment represents a major investment to Fortitude Valley’s impressive urban renewal transformation.
“The Met has the enviable position of being located between the Brunswick Street Mall, Chinatown, The Valley Metro and the Valley Train Station.”
Mr Price said the three-level venue’s commercial hotel license meant the new lessee would have scope to “further upscale the hotel operation” with food and gaming.
People from the music industry and night club operators are expected to look at taking it on as it is, he said, mainly because of the 3000-square-metre size and the commercial hotel license.
“We already have a couple of hotels looking at it, even though we’re only kicking it on the market at the end of the week.”
Expressions of interest for the close November 22, unless sold prior.
