The Tivoli, popular live music venue in Fortitude Valley, Brisbane is up for sale. Colliers International and Cushman & Wakefield are marketing it via an expression of interest campaign which closes 10 March.
The O’Rourke family who owns The Tivoli has tried to sell the business as a going concern to music industry operators for around four years, with little interest from the owner-operator market. The family is happy to assist in setting up a trust for investors to purchase The Tivoli so the business may continue to operate in its current form.
The Tivoli has operated in its current form as a music venue for only 12 years. The O’Rourke family bought it at an administrator sale just over a decade ago and converted it for operation as a music and function venue. It was originally a simple brick bakery, then a club and theatre restaurant for a time, before they decided to operate it as a music venue. The death of John O’Rourke (Snr) from Parkinson’s disease last year means that The Tivoli must be sold to enable his widow to be cared for, and to finalise settlement of a family trust.
John O’Rourke, the owner of the property said: “We love The Tivoli and are proud of the business we built in a relatively short time. 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.”
Hunter Higgins, Director of Investment Sales at Colliers International who is marketing the property with his colleague Pat George said the campaign has been highly exposed to the national and international markets.
“We have had over 2,100 engagements via the internet and 80 direct enquiries from prospective purchasers seeking additional information on the asset. Considering the Tivoli has a 5 year lease with a 5 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,” said Mr Higgins.
For more information on the property and to make an enquiry click here.