Beloved Queensland Gay Bar, The Beat Megaclub, Faces Uncertain Future Following Sale

The home of The Beat Megaclub, a beloved Queensland gay bar, has been sold to developers for $13 million, prompting concerns for the venue’s future. 

It comes just months after the venue’s drag performers were reportedly asked to take a pay cut, and follows years of failed sale attempts for the building, located at 669/683 Ann St, Fortitude Valley.  

Costi Cohen, the buyer’s agent behind the venue’s sale, took to Instagram to announce the acquisition.

“A prominent Fortitude Valley freehold secured on behalf of @bentino_pty_ltd,” wrote the real estate agency, “marking their second Queensland acquisition with Costi Cohen in one week.”

“Generating ~$900,000 in net annual income on a ~7% yield, the acquisition combines immediate income with significant long-term development potential.”

While the Buyer’s agent behind the sale indeed boasted the site’s future development potential, concerned patrons need not fear an impending closure. The Beat’s operator, Ross Hannay, has clarified for the Star Observer that The Beat won’t be closing any time soon.

“The landlord has sold the freehold for the buildings,” said Hannay, “but we have a lease in place (with a no demolition clause) until 2035 for [The Beat] to continue to operate until then.”

The Beat’s Beginnings

The Beat’s origins date back to 1983 when it opened as the Cockatoo Club.

Over the decades, the venue transformed under various ownerships into the multi-faceted megaclub it is today, featuring eight bars, five nightclubs, and three beer gardens. The venue has served as a safe and inclusive space to many over the decades of operations and is an iconic part of the LGBTQIA+ nightlife in Fortitude Valley.

Until recent years the venue had been owned and operated by John Hannay, a key figure in Brisbane’s nightlife for decades. After his passing in 2019, Hannay’s nephew Ross took over management, with the venue recently celebrating its 40th anniversary in 2023.