This article is from the Australian Property Journal archive
FORTITUDE Valley’s historic Les Bubbles building, which gained notoriety in the 1980s as the home to an illegal casino and a brothel, has changed hands.
Today, the heritage-listed 1920s-constructed building at 144 Wickham Street is home to popular steakhouse Les Bubbles, which specialises in steak frites and has been at the site for 40 years.
The Les Bubbles building was named in Queensland’s Crime and Corruption Commission’s Fitzgerald Inquiry report as the site of an illegal casino on the upper floor, and a brothel called Bubbles Bathhouse on the ground floor.
The Fitzgerald Inquiry investigated high-level police corruption in the state, and resulted in the resignation of Premier Joh Bjelke-Petersen – bringing to end the National Party of Australia’s 32-year reign in Queensland – as well as two by-elections, and three former ministers and the Police Commissioner being jailed.
A local investor – who already owns three other heritage-style buildings in the immediate vicinity – now owns the Les Bubbles building after a $1.85 million deal, and intends to hold the property in the long-term.
It was sold by Sunshine Coast investors Shaun and Sam Juniper, who had owned the property for four years. Knight Frank’s Christian Sandstrom, who sold the property following an offers to purchase campaign, said 52 enquiries were made, with interest in the opportunity given its colourful history dating back to the Fitzgerald Inquiry, as well as its current use.
“The investment opportunity was highly sought after given its sub-$2 million price point and its location in the heart of Fortitude Valley in Brisbane’s inner city, being situated on a major thoroughfare and surrounded by amenity and transport.”
The 543 sqm building is on 238 sqm of land. Les Bubbles occupies 362 sqm and Bodycare Therapy the remaining 181 sqm.
